The Puerto Rico Restaurants Association, known as ASORE, sponsored a seminar Tuesday on the recently approved Law 40, which has brought on a new set of taxes, and its impact on the industry.
“Given the fragility of our economic activity, these taxes are impacting not only for job creation, but for keeping existing ones,” said ASORE President Carlos Morell. “It will also impact the viability of certain food establishments that are struggling to survive today. It is important that as a result of these taxes, every restaurant owner or related business know how these changes will impact their operations.”
The seminar offered information about how to comply with the new fiscal burdens, as they relate to restaurants, bakeries, cafeterias, pizzerias and any food business. Law 40 contains taxes on certain business-to-business transactions, such as bank fees that financial institutions charge their commercial customers to manage bank accounts; accounts receivables services; security services; cleaning services; laundry services; repairs and maintenance services of real property and tangible personal property, among others.
Participants also learned about the magnitude of the impact of the new taxes on an industry that injects more than $3.9 billion into the local economy and creates more than 57,000 jobs.
“Any additional tax will affect our industry’s ability to generate not only income, but jobs, and make services already offered more expensive,” said Morell.