- May 6, 2016
Recent Developments Regarding the Value Added Tax, Forms and Procedures
- Puerto Rico Treasury Exempts Employee Benefit Trusts from the Requirement of Annual Filing of Form 480.7(OE) and Repeals Circular Letter 12-02An McV Employee Benefits AlertMarch 17, 2016
Puerto Rico Treasury Exempts Employee Benefit Trusts from the Requirement of Annual Filing of Form 480.7(OE) and Repeals Circular Letter 12-02
- Fifth Round of Amendments Easing Cuba Sanctions Regulations Issued Prior to President Obama’s Historic Trip to CubaMarch 16, 2016
The U.S. Department of the Treasury and Department of Commerce issued additional amendments to the Cuban Assets Control Regulations and Export Administration Regulations.
- Puerto Rico Treasury Issues Revised Form 480.7(OE) and Changes Annual Filing Requirements of Employee Benefit TrustsAn McV Employee Benefits AlertMarch 14, 2016
The Puerto Rico Treasury Department issues Tax Policy Informative Bulletin No. 16-08 to announce that a new version of Form 480.7(OE), Informative Return for Income Tax Exempt Organizations has been issued for taxable years 2015 and thereafter.
- An McV Corporate AlertMarch 11, 2016
New Types of Corporate Entities Authorized under Puerto Rico General Corporations Act
- March 8, 2016
Implementation of the Value Added Tax (“VAT”) Postponed until June 1, 2016
- March 8, 2016
Act 254 to Regulate the Nursing Profession in Puerto Rico
- March 1, 2016
Administrative Determination 16-01 Provides Guidance on the Transition to the Value Added Tax
- Reminder to Sponsors of PR Qualified Retirement Plans who adopted Plan Restatements and Qualification Amendments during 2015February 9, 2016
Reminder to Sponsors of PR Qualified Retirement Plans who adopted Plan Restatements and Qualification Amendments during 2015
- Puerto Rico Supreme Court reinforces employer’s duty to provide a private, safe and hygienic location to its working mothers who are breastfeeding.February 9, 2016
On January 25, 2016, the Puerto Rico Supreme Court revoked the Puerto Rico Appellate Court and reinstated the Judgment issued by the Court of First Instance favoring the employee’s exercise of her breastfeeding rights. The Court had to interpret the employer’s duty to provide an employee who is breastfeeding an adequate place where she could express breast milk during the periods allowed by law.
- February 2, 2016
Act 247-2015 aims to promote the use of reusable bags and prohibits retail stores and other commercial establishments, as of December 24, 2016, from providing plastic bags to customers.
- Amendments Ease Financing Rules on Exports and Further Facilitate Travel to CubaJanuary 28, 2016
The U.S. Departments of the Treasury and the Department of Commerce issued additional amendments to the Cuban Assets Control Regulations and Export Administration Regulations, which went into effect on January 27, 2016.
- January 26, 2016
- January 7, 2016
Amendment allows non-exempt employees to use up to five sick leave days to take care of sick or convalescent family members.
- January 7, 2016
Administrative Determination 15-25 provides guidance on sales and use tax reporting; Administrative Determination 15-26 establishes effective date for VAT provisions.
- January 4, 2016
Circular Letter of Tax Policy 15-16 notifies the cost-of-living adjustments announced by the IRS for taxable year 2016 that will apply to retirement plans qualified under the provisions of Section 1081.01 of the Puerto Rico Internal Revenue Code of 2011.
- December 3, 2015
- Retail Consumer Laws, November 30, 2015
On October 30, 2015, Governor Alejandro García Padilla signed an Executive Order banning the use of plastic bags as part of his commitment to the conservation of natural resources. The effective date of the prohibition is July 1, 2016.
- Governor Files Bill to create Board for the Financial Supervision and Economic Recovery of Puerto RicoGovernment Affairs, October 21, 2015
We summarize the most important aspects of Legislature House Bill 2718 and Senate Bill 1513, which create the Board for the Financial Supervision and Economic Recovery of Puerto Rico and approve a 5-year consolidated Economic and Fiscal Growth Plan.
- Cuba Practice Team, September 21, 2015
New amendments will further ease sanctions related to travel, telecommunications and internet-based services, business operations in Cuba, and remittances.
- DNER Reschedules Public Hearings and Extends Comment Period for the Proposed Amendments to the Maritime Terrestrial Zone RegulationEnvironmental, September 15, 2015
DNER Reschedules Public Hearings and Extends Comment Period for the Proposed Amendments to the Maritime Terrestrial Zone Regulation
- Tax Litigation, September 9, 2015
Puerto Rico Supreme Court Clarifies Jurisdictional Payment Requirement
to Challenge Real Property Tax
- PR Treasury Issues New Guidance on Sales and Use Tax Applicable to ServicesSeptember 2, 2015
Puerto Rico Treasury Issues New Guidance on Sales and Use Tax Applicable to Services
- DNER Proposes Amendments to Maritime Terrestrial Zone RegulationAugust 26, 2015
DNER Proposes Amendments to Maritime Terrestrial Zone Regulation
- Public Participation in the Review Process of PREPA’s Integrated Resource PlanAugust 26, 2015
Public Participation in the Review Process of PREPA’s Integrated Resource Plan
- August 10, 2015
Puerto Rico Energy Commission Promulgates Regulation on Rate Filing Requirements for Puerto Rico Electric Power Authority
- Paper Format Returns No Longer Available for Sales and Use Tax ReportingAugust 3, 2015
Puerto Rico Department of the Treasury issues Administrative Determination 15-14
- U.S. Department of Labor’s Wage and Hour Division issues Administrator’s Interpretation 2015-1July 20, 2015
U.S. Department of Labor’s Wage and Hour Division issues Administrator’s Interpretation 2015-1
- PREC RegulationJuly 16, 2015
PR Energy Commission Promulgates Regulation on Certifications, Annual
Fees and Operational Plans for Electrical Service Companies
- Municipality of Carolina Grants Amnesty for Certain Municipal TaxesJuly 14, 2015
Municipality of Carolina Grants Amnesty for Certain Municipal Taxes
- U.S. Court of Appeals Upholds Ruling Invalidating Puerto Rico Recovery ActJuly 7, 2015
U.S. Court of Appeals Upholds Ruling Invalidating Puerto Rico Recovery Act
- Cuba Practice Team, July 1, 2015
U.S. and Cuba announce reopening of embassies in Havana and Washington, D.C.
- Update Regulations for Exempt Employees AnnouncedJuly 1, 2015
President Obama Announces Notice of Proposed Rulemaking to Update Regulations for Exempt Employees
- Recent Legislation Affecting the Labor & Employment Law AreaJune 30, 2015
Recent Legislation Affecting the Labor & Employment Law Area
- Treasury Issues Guidelines on Returns of Taxable Items and Pre-Existing AgreementsJune 26, 2015
Treasury Issues Guidelines on Returns of Taxable Items and Pre-Existing Agreements
- DACO Issues New Advertising RegulationJune 25, 2015
DACO Issues New Advertising Regulation
- Increase to Use Tax Bonds due to the enactment of Act 72-2015June 15, 2015
Increase to Use Tax Bonds due to the enactment of Act 72-2015
- DACO Issues New RegulationJune 11, 2015
DACO Issues New Regulation
- USEPA Issues Revised Multi-Sector General PermitJune 8, 2015
USEPA Issues Revised Multi-Sector General Permit
- Act 72 Amends the Puerto Rico Internal Revenue Code of 2011June 3, 2015
Summary of the most significant provisions of the Act modifying current statutory provisions dealing with individual and corporate income taxes.
- Act 72 Amends the Puerto Rico Internal Revenue Code of 2011 - Part IIJune 3, 2015
Summary of the most significant provisions of the Act amending the sales and use tax provisions of Subtitle D of the Code, and adding a new Subtitle DD to the Code to include the value added tax provisions.
- Tax Free Holidays AnnouncedJune 2, 2015
Sales tax holidays for uniforms and school supplies announced.
- Tax Reform House Bill 2482 Alert #3May 22, 2015
- Tax Reform House Bill 2482 Alert #2May 21, 2015
This is the second Tax Alert on the recently unveiled House Bill 2482 to amend the Puerto Rico Internal Revenue Code of 2011.
- Tax Reform House Bill 2482May 20, 2015
House Bill 2482 introduced in the Puerto Rico Legislature in an effort to reach a consensus to raise revenues and obtain a balanced budget for fiscal year 2015-2016.
- Procedure to Benefit from the Tax AmnestyMay 14, 2015
Procedure to Benefit from the Tax Amnesty
- PR Supreme Court Holding Regarding Municipal Authority to Impose Municipal License TaxMay 13, 2015
Recent Puerto Rico Supreme Court Holding Regarding the Municipal Authority to Impose Municipal License Tax.
- Puerto Rico Department of Treasury issues Administrative Determination 15-05April 6, 2015
Automatic Release of Imports Repealed for Non-Bonded Importers
- Act 44-2015April 1, 2015
Act 44-2015 Implements an Incentives Plan for the Payment of Taxes
- Incentives Act for the Payment of Taxes Prior to the Tax TransformationApril 1, 2015
Additional Period of Time to Pay or Prepay Income Taxes: Retirement Plans, Individual Retirement Accounts and Education Contribution Accounts
The content of this McV Alert has been prepared for information purposes only. It is not intended as, and does not constitute, either legal advice or solicitation of any prospective client. An attorney-client relationship with McConnell Valdés LLC cannot be formed by reading or responding to this McV Alert. Such a relationship may be formed only by express agreement with McConnell Valdés LLC.