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Publications Archive

  • Obama Administration Charts a New Course for U.S. - Cuba Relations
    December 23, 2014

    Obama Administration Charts a New Course for U.S. - Cuba Relations

  • Technical Amendments to the Puerto Rico Internal Revenue Code of 2011
    December 23, 2014

    Technical Amendments to the Puerto Rico Internal Revenue Code of 2011

  • Alternate Procedure for Filing Supplemental Information for Taxable Year 2013
    December 18, 2014

    Puerto Rico Department of the Treasury issues Administrative Determination 14-28

  • PR Treasury Announces 2015 Retirement Plan Limitations
    December 18, 2014

    Puerto Rico Treasury issues Circular Letter of Tax Policy No.14-05 notifying the cost-of-living adjustments announced by the IRS for taxable year 2015.

  • Windsor Amendments Deadline Approaching
    December 3, 2014

    Puerto Rico Qualified Plans Must be Amended on or before December 31, 2014, to comply with the Post Windsor Requirements.

  • Existence of Private Residential Roads Recognized under Puerto Rico Law
    December 1, 2014

    Puerto Rico Supreme Court Recognizes the Existence of Private Residential Roads under Puerto Rico Law

  • New Private Equity Funds Act Enacted
    November 21, 2014

    Senate Bill No. 862  becomes Act. No. 185, the new Private Equity Funds Act.

  • Municipal License Tax Amnesty Approved by the Municipality of San Juan
    November 18, 2014

    The Municipality of San Juan implements municipal license tax amnesty.

  • Automatic Release of Imports Repealed
    November 17, 2014

    PR Department of Treasury  issues Administrative Determination No. 14-27

  • Electronic Remittance of the 2% Special Charge on Money Transfers
    November 12, 2014

    Puerto Rico Treasury Department issues additional guidance regarding the remittance options with of  the 2% Special Charge on eligible money transfer transactions.

  • Act 174 Extends Incentive Plan on Amounts owed by Employers
    October 23, 2014

    Act 174 Extends Incentive Plan on Amounts owed by Employers

  • Renewal Reminder: Reseller and Municipal Sales and Use Tax Exemption Certificates
    October 23, 2014

    Renewal Reminder: Reseller and Municipal Sales and Use Tax Exemption Certificates

  • PR Treasury Publishes AD 14-26
    October 21, 2014

    PR Treasury Postpones Enforcement of 2% Charge on Money Transfers

  • PR Treasury Issues AD 14-25
    October 20, 2014

    PR Treasury issues guidance with respect to municipal sales and use tax returns

  • Names of certain forms amended
    October 9, 2014

    PR Treasury issues Tax Policy Informative Bulletin No. 14-02 informing name change for certain forms. 

  • Acts 160 and 169
    October 7, 2014

    Acts 160 and 169: Two new laws that significantly affect Employment Law in Puerto Rico

  • PR Treasury issues Circular Letter of Tax Policy No.14-02
    October 1, 2014

    Additional Guidelines Regarding Tax Prepayment on Retirement Plans Accrued Balances

  • Carlos Fernández-Lugo interviewed and quoted by Latin America Advisor
    September 2014

    Carlos Fernández-Lugo interviewed and quoted by Latin America Advisor, Inter-American Dialogue's newsletter.

  • PR Treasury Issues AD 14-24
    September 22, 2014

    Paper format returns allowed as alternative method for filing the monthly sales and use tax returns

  • Puerto Rico Department of the Treasury publishes AD 14-23
    September 19, 2014

    Puerto Rico Department of the Treasury eliminates the requirement of uploading certain information required by Administrative Determination 14-20.

  • Puerto Rico Department of the Treasury publishes AD 14-22
    September 11, 2014

    Administrative Determination 14-22 extends various due dates related to the reporting and payment of the sales and use tax.

  • Further guidance on the filing and payment of the Sales and Use Tax
    September 3, 2014

    Administrative Determinations 14-19 and 14-20 offer further guidance on the filing and payment of the Sales and Use Tax

  • IRS Revenue Ruling 2014-24
    September 2, 2014

    Investment by Puerto Rico Qualified Retirement Plans and Insurance Company Separate Accounts in “81-100 Group Trusts”

  • Supplemental Information to Financial Statements Postponed for Taxable Year 2013
    August 21, 2014

    Puerto Rico Treasury Department issues AD 14-17 to inform about the new Supplemental Information of the Audited Financial Statements Filing System and to extend the due date for submitting the Supplemental Information.

  • Tax Prepayment on Accrued Value of Retirement Plan Benefits
    August 11, 2014

    Circular Letter 14-16 Provides Guidance Regarding Tax Prepayment on Accrued Value of Retirement Plan Benefits

  • Guidance and temporary procedure for the filing and payment of the use tax on imported articles
    August 7, 2014

    Puerto Rico Treasury Department issues guidance and a temporary procedure for the filing and payment of the use tax on imported articles

  • Puerto Rico Treasury issues important Administrative Determination and Circular Letters
    July 21, 2014

    PR Treasury issues guidance on new sales and use tax rules, extends validity of reseller and municipal sales and use tax exemption certificates, introduces PICO and re-launches SISCON

  • Sales Tax Provisions Amended
    July 11, 2014

    Act 80-2014 Amends Sales Tax Provisions of the Puerto Rico Internal Revenue Code of 2011

  • Act 77-2014 signed into law
    July 3, 2014

    Act 77-2014 amends the Puerto Rico Internal Revenue Code of 2011, the Economic Incentives for the Development of Puerto Rico Act, the Green Energy Incentives Act and the Games of Chance Act.

  • PR Treasury Issues Circular Letter 14-03
    July 3, 2014

    Circular Letter 14-03 provides guidance for requesting use tax bonded importer status

  • Sales Tax Holidays for Uniforms and School Supplies Announced
    July 1, 2014

    Circular Letter No. 14-02 establishes sales tax holidays for uniforms and school supplies and details items to be exempt from sales and use tax.

  • Local “Bankruptcy” Law for Debt-Restructuring of State-Owned Corporations Signed
    June 29, 2014

    Local “Bankruptcy” Law for Debt-Restructuring of State-Owned Corporations Signed; First Lawsuit Challenging the Statute Filed in Federal Court.

  • Governor of Puerto Rico Files Bill for Restructuring Debt of Public Corporations
    June 25, 2014

    Governor of Puerto Rico announces filing of a bill that, if becomes law, will be titled: “the Puerto Rico Public Corporation Debt Enforcement and Recovery Act.”

  • House Bill 2041 proposes changes to sales and use tax
    June 19, 2014

    HB 2041 seeks to postpone effectiveness of the use tax on imported inventory and  includes changes to the sales and use tax

  • Governor vetoes Senate Bill 501 regarding workplace harassment
    June 16, 2014

    Governor Alejandro García Padilla vetoes Senate Bill 501 which would have created the “Act to Prohibit and Prevent Workplace Harassment in Puerto Rico”

  • Post-Windsor Amendments to Puerto Rico Qualified Plans
    June 10, 2014

    Plans qualified only under the Puerto Rico Internal Revenue Code must be amended to recognize same-sex spouses on or before December 31, 2014.

  • Postponement of new use tax on inventory proposed
    June 9, 2014

    PR Treasury proposes postponement of use tax on inventory items until August 1, 2014

  • Act for the Transformation and Energy Relief of Puerto Rico signed into Law
    May 30, 2014

    Governor Alejandro García-Padilla signs into law Act 57  known as the “Act for the Transformation and Energy Relief of Puerto Rico.”

  • House Bills 1919 and 1921 proposed
    May 27, 2014

    House Bills 1919 and 1921 proposed

  • Personal Property Tax: Electronic Filing Required
    April 24, 2014

    The Municipal Revenue Collection Center (“CRIM”) notifies qualified taxpayers and certain tax return preparers about their obligation to file the personal property tax return through electronic means.

  • Severance pay in connection with a reduction in force not subject to FICA
    April 2, 2014

    Severance pay in connection with a reduction in force not subject to FICA

  • Final Rule for the e-Manifest System
    March 26, 2014

    Hazardous Waste Electronic Manifest Establishment Act signed into law.

  • Underground Storage Tanks Control Regulation
    March 12, 2014

    The Puerto Rico Environmental Quality Board issues public notice informing intent to adopt  new Underground Storage Tanks Control Regulation.

  • New Non-Public Information Required from Corporations and Limited Liability Companies
    March 3, 2014

    The Puerto Rico Department of State to start compiling new data from entities registered an online ‘Economic Data Survey.’

  • Annual Corporate Reports Amnesty
    February 26, 2014

    Temporary amnesty granted for the filing of corporate annual reports due for the periods ending on or before December 31, 2012.

  • Legislation Update
    February 25, 2014

    Developments concerning House Bill 1626 and the federal minimum wage.

  • PR Treasury Announces 2014 Dollar Limitations for Qualified Retirement Plans
    February 12, 2014

    Circular Letter 14-01 notifies cost-of-living adjustments that will apply to retirement plans qualified under the Puerto Rico Internal Revenue Code.

  • February 6, 2014

    New regulations establish criteria and procedures applicable to requests for partial waiver from gross receipts tax

  • Deadline to File Protective Refund Claim
    February 5, 2014

    Employer’s Deadline to File Protective Refund Claim for 2010 FICA Taxes Paid on Severance Payments

  • Governor Alejandro García’s Proposal For Energy Reform
    February 4, 2014

    Four bills proposing to address various key energy-related matters submitted

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.

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