General Fund revenue exceeds projections by $304.3M in fiscal year
June 24, 2025
Individual income, sales taxes and rum taxes drive gains over government estimates. #NewsismyBusiness
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2nd back-to-school tax holiday slated for Jan. 10-11
January 8, 2025
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
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Puerto Rico’s fiscal year tax revenue hits record $13.4B
September 16, 2024
Treasury surpasses projections by $1.01 billion, driven by excise taxes and corporate income. #NewsismyBusiness
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Treasury announces back-to-school sales tax-free holiday
July 7, 2023
Taxes will be exempt for school uniforms, supplies and certain art materials for one day this month and again in January. #NewsismyBusiness
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Treasury announces tax-free weekend for hurricane supply purchases
May 18, 2023
Sales under lay away plans, rain checks, by mail, telephone, email or Internet and gift certificates, qualify for the IVU exemption. #NewsismyBusiness
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Vázquez signs law to reduce tax rate for some Puerto Rico residents
April 20, 2020
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 […]
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Treasury announces non-applicability of SUT to certain donations continues
October 2, 2018
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.
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Gov. gives small businesses 5-week sales tax hiatus
November 9, 2017
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.
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Treasury backs bill to increase online sales tax uptake
March 28, 2017
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.
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Effects of tax switch sets off debate between economists
February 9, 2016
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.
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Op-Ed: Responsibility or complicity?
February 4, 2016
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.
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Treasury may still collect from bankrupt businesses
December 22, 2015
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.
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Treasury ‘ready’ to handle sales tax rate increase
June 24, 2015
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.
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Treasury pushes back start of IVU collections at ports
June 10, 2014
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.
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Treasury: 32 Palmas del Mar businesses fined $373K
March 25, 2014
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.
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