13 February 2026 Puerto Rico Treasury Department updates forms to include instructions for entities engaged in financial services
The Puerto Rico Treasury Department (PRTD) updated Form 480.7E, Optional Informative Declaration—Advertisements, Insurance Premiums, Telecommunications Services, Internet Access, and Cable or Satellite Television, and Form 480.7F, Annual Declaration of Payments Received for Advertisements, Insurance Premiums, Telecommunications Services, Internet Access, and Cable or Satellite Television, to include instructions for entities engaged in financial services to report bank fees received from commercial clients. Puerto Rico enacted Act 65-2025, which, among other things, amended Section 1063.16 of the Puerto Rico Internal Revenue Code of 2011 (PRIRC), as amended, to impose a new informative return requirement for entities engaged in financial services. Specifically, entities engaged in the provision of financial services, including but not limited to (i) financial institutions, (ii) fund managers, (iii) retirement plan administrators, and (iv) brokerage houses, must prepare an informative return to report the receipt of payments from commercial clients for: The PRTD added instructions to Form 480.7E for payments made to financial services entities for bank charges. The instructions indicate that those amounts should be reported in Box 6, Other Related Payments. The PRTD added instructions to Form 480.7F for financial services entities that receive payments for bank charges to report all their commercial clients. The financial services entities should report the payments for the bank charges in Box 7, Other Related Payments. Financial institutions must implement or update their informative return reporting systems ahead of the upcoming February 28th due date. As the Puerto Rico Treasury Department continues issuing guidance on this requirement, financial institutions should proactively monitor for new guidance, so they comply with their obligations.
Document ID: 2026-0421 | ||||||
