Puerto Rico individual and corporate taxpayers who have a sales and use tax (known as IVU for its initials in Spanish) debt with the Treasury Department will be able to pay without penalty through a tax amnesty good through June 30. The agency expects to collect $8 million through the initiative, Treasury officials said Monday.
Criticism to the bill proposing amendments to Puerto Rico’s sales and use tax code poured in Thursday from many of the island’s most prominent professional organizations, which essentially agreed that eliminating certain exemptions would have a “devastating” effect on businesses and consumers.
The Puerto Rico Treasury Department will begin a round of visits to San Juan metropolitan area businesses today to monitoring compliance of the Sales and Use Tax (known as IVU in Spanish).
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