Puerto Rico Act 44-2015, signed into law this past March 2015, amends the Puerto Rico Internal Revenue Code to extend previously enacted tax prepayment provisions and establishes a tax amnesty program. Until June 30, 2015 taxpayers will be exonerated from the payment of interest, surcharges and penalties arising from debts related to income taxes, withholding income taxes, sales and use taxes, among other taxes.
Incentive Plan for
- Payment of Taxes Assessed or Determined in Returns Filed by the Taxpayer
- Voluntary Disclosure of Income & Payment of Taxes
- Debts Related Only to Fines, Surcharges, Interest and Penalties
Prepayment of Taxes at a Lower Rate
- Special Tax Rate on Dividend Distributions and Deemed Distributions
- Special Tax Rate on Accrued & Undistributed Amounts in Variable Annuity Contracts
- Special Tax Rate on Sale and Increase in Value of Certain Capital Assets
In some instances by prepaying you can save almost half the amount you would pay otherwise. Tax rates vary by financial asset, but are definitely worth reviewing.
Note: If you want need more information about this tax prepayments or have penalties assess from previous years that you would like to eliminate, contact me at the information below.