United States

Puerto Rico: Amnesty Program Enacted Through June 30, 2015

Apr 13, 2015
From KPMG TaxWatch

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On April 1, 2015, Puerto Rico Governor Padilla signed legislation called the “Incentives for the Payment of Taxes in Advance of the Tax Transformation Project Act.” The legislation establishes a tax amnesty program that will be in effect through June 30, 2015, and other voluntary disclosure programs for various tax types. The Government of Puerto Rico will waive interest and penalties on outstanding liabilities for income tax, estate and gift taxes, sales and use taxes (IVU), and excise tax if the liabilities are paid on or before June 30, 2015. The legislation also extends special reduced rates for prepayments for certain transactions through April 30, 2015. More details are available via KPMG TaxNewsFlash. For questions regarding Puerto Rico’s Incentives for the Payment of Taxes in Advance of the Tax Transformation Project Act (signed April 1, 2015), please contact Carlos Molina at 787-622-5311 or Rolando Lopez at 787-622-5330.

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The information contained herein is of a general nature and based on authorities that are subject to change. Applicability of the information to specific situations should be determined through consultation with your tax adviser.