Puerto Rico: Extended deadline for filing pass-through entity returns

Puerto Rico: Pass-through entity returns

The Puerto Rico Treasury Department has postponed the due date for filing pass-through entity returns for the tax year that ended December 31, 2015. The new due date is April 15, 2016.

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Background

The Puerto Rico Treasury Department in early February 2016 published guidance—Informative Bulletin 16-04—informing that all pass-through entity returns and informative declarations were being consolidated as Form 480.2 EC and Form 480.6 EC, respectively. 

Later in February 2016, additional guidance—Circular Letter 16-06—provided that pass-through entities will be required to file the informative declarations on Form 480.6 EC electronically and that, beginning February 26, 2016, the system for electronic filing of these informative declarations would be available. 

Deadline extended

Earlier this week, the Puerto Rico Treasury Department published guidance—Administrative Determination 16-02—announcing that the due date for filing pass-through entity returns on Form 480.2 EC and the informative declarations on Form 480.6 EC for the tax year ended December 31, 2015, was being postponed. The new due date for filing these return is April 15, 2016. 

Concerning the requirement for electronic filing of the informative declarations (i.e., Form 480.6 EC), the tax authority has has not issued specific guidance. 

KPMG observation

The tax authority’s decision to postpone the due date apparently would not prevent taxpayers from requesting an extension of time to file the return (i.e., a grant of an additional three months to file the return). If a taxpayer files an extension request for filing the return, the extended due date for filing the return for the year ended December 31, 2015, would be July 15, 2016.

 

For more information, contact a tax professional with KPMG in Puerto Rico: 

Rolando Lopez | +1 (787) 622-5330 | rlopez@kpmg.com 

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