Tax Watch

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Fiddler González & Rodríguez, P.S.C., P.O. Box 363507, San Juan, PR 00936-3507.

 

We welcome your questions and comments.

 

cgomez@fgrlaw.com

 

jcanellas@fgrlaw.com

 

Myrna Y. Medina-Massanet

(787) 759-3830

mymedina@fgrlaw.com

 

 

 

 

 

*Special Tax Counsel

 

 

Tax Watch – Administrative Determination No. 14-15 (“AD No. 14-15”)

On August 5, 2014, the Puerto Rico Treasury Department (“PRTD”) issued AD No. 14-15 establishing the new temporary procedure to obtain an automatic release for the property imported into Puerto Rico. The new temporary procedure will be valid until the PRTD reinstates the procedure previously established in Circular Letter No. 14-06, which must be in writing.

 

Under the new temporary procedure, the importer will be able to obtain an automatic release from the SISCON system, if all of the following requirements are met:

 

1. the carrier submit the bill of lading through the SISCON system;

2. the bill of lading includes the information specified in Part A of Section II of Circular Letter No. 14-05; and

3. the property imported into Puerto Rico is not subject to excise tax or any other taxes imposed upon its introduction into Puerto Rico.

 

If the property imported is subject to excise tax or any tax upon the introduction, the importer should comply with the procedures for the payment of such tax prior to obtaining the release from the PRDT. Any Importer who obtained the automatic release pursuant to the provisions of AD No. 14-15 has to file the Declaration and pay the corresponding sales and use tax no later than the 10th day of the month following the month during which the property was importer. To that effect, such imported must use the procedures set forth in Part D of Section II of Circular Letter No. 14-06.

 

***IRS CIRCULAR 230 DISCLOSURE: To ensure compliance with requirements imposed by the Internal Revenue Service, we inform you that any United States federal tax advice in this communication (including any attachments) is not intended or written by Fiddler González & Rodríguez, P.S.C. to be used, and cannot be used, for the purpose of (i) avoiding any penalties under the Internal Revenue Code, or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein. **

 

 

 

 

 

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**©2014 Fiddler, González & Rodríguez, P.S.C. This Watch has been prepared by Fiddler, González & Rodríguez, P.S.C. for informational purposes only and does not constitute legal advice. This information does not create, and receipt of it does not constitute, a lawyer-client relationship. Readers should not act upon this without seeking advice from professional advisers. Fiddler, González & Rodríguez, P.S.C. and its members assume no responsibility to inform you of additional changes in law or any other legal issues related to the matters advised in this e-mail.

 

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