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PR Treasury Allows For Extended Date to File Informative Pass-Thru Returns

TAX & Employee Benefits Department:

On March 1, 2016, the Secretary of the Puerto Rico Treasury Department (“PRTD”) published Administrative Determination 16-02 (“AD 16-02”) which provides an extended period to file certain informative returns and applicable automatic extension request to file such returns on behalf of pass-thru entities, including particularly, limited liability companies (LLC’s), partnerships, and grantor trusts, among others, for tax years ended in December 31, 2015.

Background: The Puerto Rico Internal Revenue Code of 2011, as amended (the “Code”), provides that all partnerships, special partnerships, corporations of individuals and grantor trusts (“Pass-thru Entities”) must file their respective informative returns (“Informative Returns”) on or before the 15th day of the third month following the close of the entities’ tax year (March 15 for entities with a calendar year).  Moreover, such entities are also be required to file the applicable informative declaration (“Informative Declaration”) on behalf of the partner(s), member(s), stockholder(s) and/or the beneficiary (ies) on or before the last day of the third month following the close of the entities’ tax year (March 31 for entities with a calendar year).

Determination: Since the PRTD had issued recent guidelines (see Circular Letter 16-04) that require that all of the above mentioned pass-thru entities to electronically file the applicable Informative Returns with the PRTD, and due to the proximity regarding the transition obligating entities to electronically file said Informative Returns, the PRTD is now providing an additional period to file both the Informative Returns and the corresponding Informative Declaration.  The extended filing dates are now April 15, 2016 with respect to Pass-Thru Entities with a tax year ended on December 31, 2015.  Below please find a summary of the extensions provided by AD 16-02:

Regarding Informative Returns:

Informative Return Original Filing Date Extended Filing Date
Form 480.2(EC)* 3/15/2016 4/15/2016
Form 480.8(F) 3/15/2016 4/15/2016

Regarding Informative Declaration with Corresponding Taxpayer:

Informative Declaration Original Filing Date Extended Filing Date
Form 480.6 EC 3/31/2016 4/15/2016
Form 480.6 F 3/31/2016 4/15/2016
480.6 CPT 3/31/2016 4/15/2016

*See PRTD Tax Policy Informative Bulletin 16-04

The PRTD has additionally provided in AD 16-02 that the automatic 3 month extension request will also apply despite these extended deadlines. In that sense, if an automatic extension request is electronically filed whether the extended due date (April 15, 2016) for applicable entities, said entity will be allowed an additional 3 month period (until July 15, 2016) to file the corresponding Informative Returns and Informative Declarations.

This document has been prepared for information purposes only and is not intended as, and should not be relied upon as legal advice. If you have any questions or comments about the matters discussed in this notice, wish to obtain more information related thereto, or about its possible effect(s) on policy or operational matters, please contact us.