The Puerto Rican Department of Treasury Jan. 19 issued Informative Bulletin No. 22-01, explaining the procedure of withholding tax at source for non-resident individuals and foreign companies that sell real property in Puerto Rico. The bulletin includes: 1) the seller’s obligation to submit a transfer form; 2) the buyer’s obligation to deduct and withhold tax at source on the sale of real property in Puerto Rico; 3) the buyer’s obligation to pay taxes if they fail to withhold; 4) the requirement for taxpayers to report discrepancies to the authorities; and 5) the procedure for submitting a voluntary disclosure of noncompliance. ...
