Government

Puerto Rico Treasury has cut $147.2M in tax refunds

Treasury Secretary Melba Acosta (Credit: Puerto Rico Senate) Treasury Secretary Melba Acosta (Credit: Puerto Rico Senate)

The Puerto Rico Treasury Department announced Wednesday it has cut $147.2 million in tax refunds corresponding to 247,744 tax returns during the current tax cycle, representing $80 million more than what was disbursed at this time last year.

Agency Secretary Melba Acosta said as of May 2013, the agency had paid out $66.5 million to 106,343 taxpayers, “which means we’re working faster and more efficiently.”

Meanwhile, the agency is working on another 244,807 returns, which have been processed and ready to refund, she said.

So far Treasury has received 992,816 tax returns, of which 521,067 were filed electronically and the remaining 471,749 in paper form.

“It is important to note that forms are received every day, because they were filed late, by mail or with an extension,” she added.

As for corporate tax returns, Acosta said the agency has received 38,518 filings, of which  16,167 are returns, 2,009 are requests for extensions with payments, and 20,342 are requests for extensions without payment.

“The amount of corporate taxpayers who requested an automatic extension without payment represent almost 53 percent. In addition a considerable amount of extensions received, which although included payments, they were for less required,” she said. “This situations draws our attention, so we’re investigating the background to take appropriate action.”

The agency has until July 31 to issue taxpayer refunds without having to pay interest, to those who filed on-time or with mathematical errors. Taxpayers wishing to check the status of their refund may call 787-722-0216 and choose option 1; 787-721-2020 and choose option 2, or online.

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