The head of the Puerto Rico Society of CPAs expressed concern Wednesday over the changes the current administration is proposing to the sales and use tax structure, specifically, the elimination of the business-to-business exemption.
The Individual Retirement Account, best known as an IRA, is one of the few options that the Puerto Rico Internal Revenue Code provides as a tax shelter mechanism for tax relief when filing the income tax return. In addition, the IRA promotes the creation of a private and individual fund for the account holder’s eventual retirement.
Law 1 of January 31, 2011, also known as the Internal Revenue Code for a New Puerto Rico (herein the “New Code”), replaces the Internal Revenue Code of 1994, as amended. This New Code amends and adds new provisions to the previously known Section 1165, related to Puerto Rico Pensions Plans (now Section 1081.01). This article specifically refers to Chapter 8 — Trust and Successions, Subchapter A — Employees Trusts.
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