FOMB approved 13 emergency tax measures

To ease some of the hardship Hurricane Fiona caused tax filers in Puerto Rico, the Financial Oversight and Management Board approved, with observations, the Puerto Rico Department of Treasury’s (Hacienda) proposal to extend several tax filing deadlines and other tax administrative measures to allow individual and commercial taxpayers more time to comply with their tax responsibilities, and aid and expedite the recovery.

The filing of all income tax returns, requests for extensions, and tax payment corresponding to the tax returns that are originally due within the period of September 30, 2022 through December 14, 2022 are extended to December 15. In addition, all taxpayers directly affected by the hurricane, and who for that reason fail to comply with any term of their payment plan with the Puerto Rico Department of Treasury, will be able to request a new payment plan through SURI until December 31, and collection and seizure notices were stopped until November 18.

Those measures affect the timing of tax filings and receipt of tax revenues only temporarily but not the level of tax revenues over the longer period. As such, these provisions would not result in a long-term revenue loss for the government.

In all, the Oversight Board approved 13 emergency tax measures.

The emergency and the disaster declaration issued by President Joe Biden after Hurricane Fiona allows Hacienda to implement an emergency plan to alleviate the effect of the cyclone upon taxpayers and the agency itself. The Oversight Board reviewed the plan proposed by Treasury Secretary Francisco Parés Alicea and determined that it is consistent with the certified Fiscal Plan for Puerto Rico. 

In difficult moments like the one that Puerto Rico is experiencing after this hurricane, collaboration is key to expedite recovery. The Oversight Board is looking forward to continuing working together with the government for the benefit of the people of Puerto Rico.

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