Act 257 of December 10, 2018 (Act 257) amended the Puerto Rico Internal Revenue Code to require any person or entity required to withhold income tax on payments for services rendered to submit a reconciliation quarterly tax return. Accordingly, the Puerto Rico Department of the Treasury (the “PR Treasury”) recently issued Internal Revenue Circular Letter No. 19-10 (“CL 19-10”) to: (i) announce the issuance the new form 480.6 SP-1 (the “Quarterly Return”) and the procedures related to the electronic filing of the Quarterly Return; and (ii) establish a minimum tax withholding amount requirement that may be deposited quarterly with the Quarterly Return.
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