Regarding purchases made through mail order, by telephone, email or online will qualify for the exemption when the item is paid for by and delivered to the buyer during the stated exemption period. #NewsismyBusiness
Treasury surpasses projections by $1.01 billion, driven by excise taxes and corporate income. #NewsismyBusiness
Taxes will be exempt for school uniforms, supplies and certain art materials for one day this month and again in January. #NewsismyBusiness
Sales under lay away plans, rain checks, by mail, telephone, email or Internet and gift certificates, qualify for the IVU exemption. #NewsismyBusiness
Gov. Wanda Vázquez signed into law a bill presenting several amendments to the Puerto Rico Tax Reform passed last year that will benefit taxpayers, entrepreneurs and seniors. Law 40-2020, grants an additional 3% reduction for taxpayers whose gross income does not exceed $100,000; eliminates the tax on the provision of services rendered to other businesses […]
Treasury Secretary Teresita Fuentes confirmed that the agency’s Administrative Determination No. 17-19 regarding the non-applicability of the Sales and Use Tax (SUT) to certain donations continues in force.
Puerto Rico Gov. Ricardo Rosselló signed several executive orders to boost the economy, including one that exempts small and medium enterprises from collecting Sales and Use Tax on the sale and purchase of inventory.
The Puerto Rico Treasury Department favored Monday a bill that would give it the tools to Sales and Use Tax on sales of taxable products in Puerto Rico sold online by businesses without physical presence on the island.
The switch-over from a B2B IVU to a B2B IVA should not raise consumer prices nor costs to business, according to Economist Vicente Feliciano, president of Advantage Business Consulting.
The Puerto Rico Treasury Department has launched a series of embargoes on local businesses that have not been remitting collected Sales and Use Tax (“IVU”, for its Spanish acronym) to the government, nor their employees’ tax retentions.
The offensive launched by the Puerto Rico Treasury Department in November to crack down on retailers that collected sales and use tax revenue, but failed to remit it to the agency has unleashed a string of bankruptcy filings by those businesses, which appear to have turned to the court for protection.
The Puerto Rico Treasury Department is prepared to handle the change rate of the Sales and Use Tax to 11.5 percent, from the current 7 percent, when it goes into effect July 1, agency Secretary Juan Zaragoza said Tuesday.
The Puerto Rico Treasury Department has pushed back the start of collections of Sales and Use Tax (known as IVU in Spanish) for merchandise coming through the island’s ports by a month, to Aug. 1, agency officials said Monday.
Thirty-two businesses operating in the upscale Palmas del Mar community in Humacao are facing a collective $373,000 in fines for failing to remit sales and use tax (known as IVU in Spanish) payments to the agency.
As part of the government’s strategies to increase tax evasion oversight, Puerto Rico Gov. Alejandro García-Padilla sent a bill to the Legislature that will allow the use of certified payment processors in all local businesses, as well as the exchange of information between municipalities and the Treasury Department.
A Dow Jones/Factiva content provider since 2014
Subscribe to our Dollars & Sense podcast!
NIMB ON SOCIAL MEDIA