Municipal Finance Corp. extends tax filing deadline for retailers
The Municipal Financing Corporation (COFIM, for its initials in Spanish) announced it extended the deadline for merchants to submit their January returns and municipal Sales and Use Tax payments until Jan. 31.
“Following the recent seismic movements, which have caused infrastructure damage to businesses, it merits extending the deadline to submission the returns and the tax payment. This way, merchants will have the chance to regroup and continue to meet their most pressing needs,” said COFIM in a statement.
No interest, surcharges or penalties will be imposed for submissions after Jan. 20, provided they are completed before Jan. 31, 2020.
In the statement, COFIM noted that municipalities that collect the revenue should make the appropriate adjustments in their tax information systems when applying the automatic elimination of interest, surcharges and penalties imposed by the Internal Revenue Code in favor of those taxpayers who fulfill their tax responsibilities by the extended deadline.
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