Tax Prepayments and Tax Amnesty Program

Tax Prepayments and Tax Amnesty Program

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.


Miguel Nicolas Moreda, CPA, CIRA

Miguel Nicolas is the founder of Porto Capital. Prior to working as a financial and restructuring advisor for small and medium-sized businesses, he worked at GFR Media Real Estate Division as Finance Manager. Before that, he worked in the Business Advisory Division at Ernst & Young US, LLP in the United States.

He is holds an undergraduate degree in accounting from the University of Puerto Rico. He also possess graduate degrees from the University of Puerto Rico School of Law and IE Business School in Spain. Miguel is a Certified Public Accountant (CPA) and a Certified Insolvency and Restructuring Advisor (CIRA).

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