The Puerto Rico Treasury Department has issued Administrative Determination No. 18-07, which provides for an extension of the standard 3-month automatic extension for return filing to a 6-month extension in respect of the 2017 tax year for all taxpayers that have submitted a standard request for an automatic extension. This additional three months is provided as a result of the impact of Hurricane Maria, which several businesses are still recovering from, resulting in a delay in accounting for operations.
The Administrative Determination also establishes procedures for an exemption from the surcharge for late final tax payment, subject to certain conditions, including that full payment is made, with interest, along with the filing of the tax return by the extended deadline. In addition, relief from the penalty for non-payment of estimated tax is provided as long as taxpayers complied with their estimated payment obligations for the first two periods of the tax year and the amount owed was paid by the return deadline, without extensions.
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