The Puerto Rico Treasury Department (PRTD) issued publication CC-RI-19-10 to provide certain guidance with respect to the newly issued Quarterly Return of Tax Withheld on Payments for Services Rendered (Form 480.6 SP-1). 

The quarterly return must be filed through SURI for every quarter of the year ending on March 31, June 30, September 30 and December 31, by the end of the month following the close of each quarter. 

Next Due Date: Due to the closeness of the next due date (April 30th), the PRTD extended the filing date for this first quarter to July 31st, 2019.   

10% Withholding Deposit and Minimum Amount Rule

CC-RI-19-10 also establishes a minimum amount rule for those merchants for which the 10% withholding during the quarter is less than $2,500. In this case, the withholding at source can be remitted with the filing of the quarterly return (instead of monthly deposits).

If, at the end of the quarter, total withholdings are greater than $2,500 and the deposits were not made on a monthly basis; interest, penalties and surcharges for late payment will be applicable.

It is important to note that the information on the Quarterly Returns must match the information provided on the Informative Returns that will be issued to service providers for the entire year, while a mismatch could result in monetary penalties.

For your convenience, we are including the CC-RI-19-10 in downloadable PDF format, as well as the Form 480.6 SP-1 below.

DOWNLOAD CC-RI-19-10                                   DOWNLOAD FORM 480.6 SP-1

At RSM Puerto Rico, we are available to advise our clients on these new requirements. Please contact our tax consultants at (787) 751-6164 for help or more information.