Deloitte Tax LLP

Further to our Tax Alert April 2018 - Number 2, on December 10, 2018, the Governor of Puerto Rico signed Act 257-2018 to introduce various amendments to the 2011 Puerto Rico Internal Revenue Code, as amended (PR Code).

On June 8, 2018, the Puerto Rico Treasury Department (PRTD) issued Internal Revenue Circular Letter No. 18-11 (IR CL 18-11) to establish the requirements to qualify for the Employee Retention Tax Credit (ERTC) and to provide guidance.

On September 29, 2017, the Disaster Tax Relief and Airport and Airway Extension Act was enacted into law to establish an Employee Retention Tax Credit (ERTC) to Eligible Employers affected by Hurricane Irma and/or Hurricane María.

The Office of Management and Budget issued Circular Letter 154-18 to notify a change in the due date to file the 2018-19 Volume of Business Declaration.

On April 16, 2018, the Governor of Puerto Rico filed with the Puerto Rico House of Representatives and the Puerto Rico Senate a proposed Bill which seeks to amend the 2011 Puerto Rico Internal Revenue Code, as amended (PR Code) in order to set forth the administration’s New Tax Model for Puerto Rico.

On December 29, 2015, the Puerto Rico Department of the Treasury (“PRTD”) issued Administrative Determination No. 15-25 (“AD 15-25”) and Administrative Determination No. 15-26 (“AD 15-26”) to provide guidance related to the Puerto Rico Sales and Use Tax and Value Added Tax. Following a summary of the most significant provisions of these publications.

Number 18

Draft Transfer Pricing Regulation presented by Treasury

On October 19, 2016, the Puerto Rico Department of Treasury (PRTD) shared with various trade organizations and tax practitioners in Puerto Rico a draft of the Puerto Rico Transfer Pricing Regulations to be issued pursuant Section 1040.09 of the 2011 Puerto Rico Internal Revenue Code (2011 PR Code).

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