2019 tax cycle closes on a high note
By John McPhaul
Treasury Secretary Francisco Parés Alicea announced on Thursday a successful closure of the 2019 tax cycle, with an increase in the filing of individual and corporate returns, in addition to the sending out of over $1 million in refund payments.
“We concluded a tax cycle with increases of 14 percent and 4 percent in the filing of individual and corporate returns, respectively, despite the various events that have altered the lives of citizens since the beginning of the year,” Parés Alicea said in a written communication. “This represents 124,590 additional forms compared to those received last year as of July 15. We are also closing the period by sending the most significant reimbursement payroll to date, for $106,464,479.37 to 53,149 taxpayers, “said With the new million-dollar refund payment, more than $527 million has already been disbursed to some 597,736 taxpayers, since the tax cycle began on Feb. 24.
On July 15, the term for filing for the 2019 tax year expired. It was the second extension of the term, given the strong impact of COVID-19 on the health and finances of all taxpayers.
The Treasury electronically received 992,058 returns from individuals and 33,590 from corporations, compared to 868,903 returns from individuals received for the 2018 tax year and 32,154 from corporations for that same period.
Parés Alicea emphasized that the digitization of the system eliminated the traditional lines and the accumulation of documents, which delayed the processing of payrolls and the payment of refunds.
“Digitization definitely makes tax administration more effective and the period we have just closed is the best example,” he said. “We will continue to process and pay refunds quickly, for the benefit of all taxpayers who assumed their tax liability.”