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Tax amnesty – guidance issued

On 13 May 2013, the Treasury Department issued Circular Letter 13-01 to establish the rules, standards and guidelines governing the tax amnesty established under the "Get Current Act: Incentive plan for the payment of taxes owned", Act No. 12 of 29 April 2013.

Act 12 provides relief from the payment of interest, surcharges and penalties for all taxpayers who, between 13 May 2013 and 30 June 2013, elect any of the alternatives for the payment of taxes owed to the government of the Commonwealth of Puerto Rico with respect to:

-   income tax;
-   estate and gift tax;
-   excise taxes;
-   sales and use tax (SUT);
-   tax withholdings;
-   any tax levied under the following Acts:
-   Act No. 7 of 2009 (Special Real Property Tax);
-   Act No. 73 of 2008 (Puerto Rico Economic Development Incentives);
-   Act 74 of 2010 (Tourism Development);
-   Act No. 83 of 2010 (Green Energy Incentives);
-   Act No. 27 of 2011 (Economic Incentives for the Motion Picture Industry);
-   Act No. 20 of 2012 (Exportation of Services); and
-   any tax levied by a Law of similar nature or providing a special income tax rate.

Circular Letter 13-01 sets the parameters and terms for taxpayers that elect a payment plan and until 30 June 2013 as follows:

Amount of tax due to finance (USD) Payment plan in months Initial payment (%) Annual interest (%)
Full payment of debt N/A N/A N/A
up to   5,000
12 10 0
5,001 15,000
24 10 5
15,001 30,000
36 10 7
over   30,001
48 10 10

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