Puerto Rico - Personal property tax estimated payments 

January 22:  New law enacted by the Commonwealth of Puerto Rico as “Act No. 136” (26 November 2013) establishes a requirement for estimated tax payments of personal property tax liability, effective for tax years beginning after December 31, 2013.

Calculation of estimated taxes

The calculation of the estimated tax is to be made using an approximate calculation of the personal property tax that may be reasonably expected for the next year, taking into account any prior year overpayment. The total estimated taxes paid is to be the lesser of:

  • 90% of the current year’s tax liability; or
  • 100% of the prior year tax liability

Estimated tax installment due dates

The estimated taxes are to be paid in four equal installments due the 15th day of February, May, August, and November.

If the requirement to pay estimate taxes is triggered for the first time:

  • On or after April 30 and before August 1—the due date for the first installment will be August 15. In this case, three equal installments are to be made. The second will be due November 15, and the third one February 15.
  • After July 31 and before November 1—the due date for the first installment will be November 15. There are to be two equal installments. The second and final installment will be due February 15.
  • After October 31 and before February 15—the due date for the first and only installment will be February 15.

If there is any change in the calculation of estimated tax, the remaining installments, if any, are to be ratably increased or decreased, as the case may be, to reflect such change. Interest and surcharges may be assessed for failure to pay estimated taxes.

Finally, in order to benefit from the 5% discount for early payment, taxpayers will be required to pay with the first estimated tax installment (August 15) an amount equal to the total tax paid with the tax return filed in the prior year.

For more information, contact a tax professional with KPMG in Puerto Rico:

Rolando Lopez

(787) 622-5340

Carlos Molina

(787) 622-5311

©2014 KPMG LLP, a Delaware limited liability partnership and the U.S. member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. All rights reserved.

The KPMG logo and name are trademarks of KPMG International.

KPMG International is a Swiss cooperative that serves as a coordinating entity for a network of independent member firms. KPMG International provides no audit or other client services. Such services are provided solely by member firms in their respective geographic areas. KPMG International and its member firms are legally distinct and separate entities. They are not and nothing contained herein shall be construed to place these entities in the relationship of parents, subsidiaries, agents, partners, or joint venturers. No member firm has any authority (actual, apparent, implied or otherwise) to obligate or bind KPMG International or any member firm in any manner whatsoever.

The information contained in herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation.

Direct comments, including requests for subscriptions, to us-kpmgwnt@kpmg.com.
For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at:

+ 1 202 533 4366

1801 K Street NW
Washington, DC 20006.

Share this

Share this


Current and future KPMG clients may subscribe to TaxNewsFlash email alerts.

Email your contact information.

Other TaxNewsFlash publications

TaxNewsFlash-United States by year