Puerto Rico Announces COVID-19 Tax Measures
02/04/2020
On March 23, 2020, the Government of Puerto Rico announced a package of measures to mitigate the economic impact of the COVID-19 virus, including tax relief.
According to the Government's announcement, these tax relief measures include the following:
- The deadline for income tax payments is extended to July 15, 2020;
- The collection of sales and use tax (IVU) at docks and in the resale chain is suspended for three months;
- The collection of the 10 percent withholding tax on professional services is suspended for three months;
- Penalties for non-compliance with the fortnightly IVU filing requirements are suspended for two months; and
- Penalties for failure to pay the first installment of estimated tax are suspended for two months.
Source: Pride Partners International