Publications Archive

Circular Letter 14-16 Provides Guidance Regarding Tax Prepayment on Accrued Value of Retirement Plan Benefits

Puerto Rico Treasury Department issues guidance and a temporary procedure for the filing and payment of the use tax on imported articles

PR Treasury issues guidance on new sales and use tax rules, extends validity of reseller and municipal sales and use tax exemption certificates, introduces PICO and re-launches SISCON

Act 80-2014 Amends Sales Tax Provisions of the Puerto Rico Internal Revenue Code of 2011

Act 77-2014 amends the Puerto Rico Internal Revenue Code of 2011, the Economic Incentives for the Development of Puerto Rico Act, the Green Energy Incentives Act and the Games of Chance Act.

Circular Letter 14-03 provides guidance for requesting use tax bonded importer status

Circular Letter No. 14-02 establishes sales tax holidays for uniforms and school supplies and details items to be exempt from sales and use tax.

Local “Bankruptcy” Law for Debt-Restructuring of State-Owned Corporations Signed; First Lawsuit Challenging the Statute Filed in Federal Court.

Governor of Puerto Rico announces filing of a bill that, if becomes law, will be titled: “the Puerto Rico Public Corporation Debt Enforcement and Recovery Act.”

HB 2041 seeks to postpone effectiveness of the use tax on imported inventory and  includes changes to the sales and use tax

Governor Alejandro García Padilla vetoes Senate Bill 501 which would have created the “Act to Prohibit and Prevent Workplace Harassment in Puerto Rico”

Plans qualified only under the Puerto Rico Internal Revenue Code must be amended to recognize same-sex spouses on or before December 31, 2014.

PR Treasury proposes postponement of use tax on inventory items until August 1, 2014

Governor Alejandro García-Padilla signs into law Act 57  known as the “Act for the Transformation and Energy Relief of Puerto Rico.”

House Bills 1919 and 1921 proposed

The Municipal Revenue Collection Center (“CRIM”) notifies qualified taxpayers and certain tax return preparers about their obligation to file the personal property tax return through electronic means.

Severance pay in connection with a reduction in force not subject to FICA

Hazardous Waste Electronic Manifest Establishment Act signed into law.

The Puerto Rico Environmental Quality Board issues public notice informing intent to adopt  new Underground Storage Tanks Control Regulation.

The Puerto Rico Department of State to start compiling new data from entities registered an online ‘Economic Data Survey.’

Temporary amnesty granted for the filing of corporate annual reports due for the periods ending on or before December 31, 2012.

Developments concerning House Bill 1626 and the federal minimum wage.

Circular Letter 14-01 notifies cost-of-living adjustments that will apply to retirement plans qualified under the Puerto Rico Internal Revenue Code.

New regulations establish criteria and procedures applicable to requests for partial waiver from gross receipts tax

Employer’s Deadline to File Protective Refund Claim for 2010 FICA Taxes Paid on Severance Payments

Four bills proposing to address various key energy-related matters submitted

Acts 18-2014 and 19-2014 became effective February 1, 2014

New developments concerning the federal minimum wage and the recently signed Act 15-14.

Act 151-2013, enacting certain amendments to Act 161-2009, known as the Puerto Rico Permitting Process Reform Act, signed into law.

President of the Senate Hon. Eduardo Bhatia Gautier presents package of bills and resolutions intended to transform the energy sector in Puerto Rico.

Act No. 163-2013 amends the Municipal License Tax Act, the Municipal Property Tax Act, the General Corporations Act and the Puerto Rico Internal Revenue Code of 2011.

Treasury further extends deadline to file request for waiver for Gross Receipts Tax until January 31, 2014 , issues Administrative Determination 13-21.

Act No. 145-2013 amends the Municipal Property Tax Act of 1991. 

McConnell Valdés provides more than 1,700 hours of free legal services during the Firm's 2012-13 fiscal year; associates and paralegals who worked 25 hours or more recognized.

New Guidance on AUPs For Waiver of AMT and Expense Disallowance Due To Related Party Transactions Extension to File Request for Waiver for Gross Receipts Tax

House Bill 1568 proposes to postpone the reduction in SUT rate until February 1, 2014.

Puerto Rico Treasury Department Activates Merchandise Declaration Process at the Ports of Entry

Businesses and Lawyers Need to be Careful when Conducting Confidential Investigations and Interviewing Employees

Regulation 8391 amends certain provisions of Regulation 7970 of December 29, 2010, which implemented the guidelines of Sections 2101, 2102, 2103 and 2104 of the Puerto Rico Internal Revenue Code of 1994.

Several technical amendments made to the new tax measures enacted on June 30, 2013 by the approval of Act 40-2013.

Puerto Rico Department of Labor issues protocol to implement PR Act 22; Federal Department of Labor publishes regulations to improve job opportunities for veterans and for individual with disabilities.

The Puerto Rico Department of Health publishes draft regulation that would impose a licensing and registration requirement on entities engaged in the manufacture, sale and distribution of medical devices in Puerto Rico.

DOMA Impact on Puerto Rico Employers and the Administration of Retirement and Health Benefit Plans

Act 107 prohibits employers from using genetic information in making employment decisions.

Circular Letter No. 13-15 establishes procedures to claim the sales and use tax exemption on eligible articles acquired by exempt businesses holding a tax concession issued under the Puerto Rico Tourism Development Acts.

Act 40 excluded various services from the sales and use tax business-to-business exemption.

Summary of some of the Internal Revenue Informative Bulletins, Circular Letters and Administrative Determinations issued by P.R. Treasury since the enactment of Act 40, Act 42 and Act 46.

The Firm was ranked “Band 1”, the highest classification, in all six of the practice areas evaluated by Chambers & Partners: Corporate, Dispute Resolution, Bankruptcy, Environmental, Intellectual Property Labor & Employment, Real Estate and Tax. Twenty six of the Firm’s attorneys, the highest number of any Puerto Rico law firm, were recognized as Leaders in their Field.

U.S. Department of Labor announces amendments to the regulations that implement the Vietnam Era Veterans’ Readjustment Assistance Act and Section 503 of the Rehabilitation Act.