Puerto Rico Treasury Department Issues Updated Guidance on PR Code Qualification of Retirement Plans

The Puerto Rico Treasury Department (PR Treasury) recently issued Circular Letter of Tax Policy No. 16-08 (CLTP 16-08) to update and clarify the: (i) rules regarding the effective dates of favorable determination letters issued under Section 1081.01(a) of the Puerto Rico Internal Revenue Code of 2011 (PR Code), and (ii) due dates and procedures for requesting determination letters for retirement plans intended to be qualified under the PR Code. CLTP 16-08 in Spanish is available here. Please see the attached memo for further information.