June 2024 | Client Alert
As August closely approaches, we share a reminder of the recently revised deadline for the submission of the Payroll Statement, as stated on Act No. 45 of April 18, 1935, as amended, (Act No. 45-1935), also known as the Puerto Rico Workers’ Accident Compensation Act.
On January 16, 2024, Puerto Rico Act No. 21 of January 16th, 2024 (Act No. 21-2024), was enacted to modify, among other provisions, Article 25 of Act No. 45-1935, pertaining to one requirement for employer insurance coverage through the State Insurance Fund Corporation.
The annual deadline for the submission of the Payroll Statement, previously set for July 20th, has been revised. Pursuant to the amended provision, every employer must file with the Administrator of the State Insurance Fund Corporation (Administrator), no later than August 15th of each year, a statement detailing:
- the number of workers employed by the employer,
- the kind of occupation or industry of such workers and,
- the total amount of wages paid to such workers or industries during the preceding fiscal year.
As an exception, at the request of the employer and with just cause, the Administrator may extend said term for a period not to exceed fifteen (15) days.
Considering the revised deadline, each employer must incorporate the four quarterly payrolls submitted within the fiscal year.
Accordingly, Puerto Rico employers must remember to file the Payroll Statement on or before August 15th. Any submission past the revised deadline will only be accepted by the Administrator if the employer complies with Article 25’s exception (as previously stated).
Because of the general nature of this newsletter, nothing herein should be considered as legal advice or a legal opinion. For further information about the contents of this newsletter, or should you need further assistance in connection with this matter, please contact the firm’s Labor and Employment Department.
For any questions or inquiries regarding this topic do not hesitate to contact us at info@oneillborges.com or your prime contact attorney at O’Neill & Borges LLC.
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This O’Neill & Borges Client Alert is prepared for general information purposes only. It does not constitute legal advice or a legal opinion; nor does it establish an attorney-client relation with the recipient. For further information or to establish an attorney-client relation please contact us at info@oneillborges.com or your prime contact attorney at O&B.