Taxation is far from being the most exciting part of your freelancing business. As a matter of fact, it is a very dull, boring, time-consuming, frustrating and expensive part of your life.
Generally, those responsible for withholding are called “withholding agents.” This means any person that is bound to deduct and withhold any tax on income payments pursuant to the provision of the Puerto Rico Internal Revenue Code.
Tax season is just around the corner and the computation of income taxes becomes the main topic during this period.
The government of Puerto Rico is counting on the Financial Oversight and Management Board for Puerto Rico to fight for the permanence of Law 154, passed in October 2010 as an amendment to Puerto Rico’s Internal Revenue Code that places an excise tax on sales generated by local subsidiaries to their international parent companies.
The Puerto Rico Association of Automobile Distributors and Dealers released the findings of a study Wednesday that reflected, among other data, that used car sales has been on the rise in the past decade, outpacing new vehicle movement.
Every U.S. citizen is subject to the provisions of the United States Internal Revenue Code ("USIRC") regardless of their place of work or residence. Since people born in Puerto Rico are U.S. citizens, they are subject to the provisions of the USIRC.
Puerto Rico’s General Fund revenue collections totaled $767.5 million in February, reflecting a $58.2 million increase compared to February 2015, and $34.1 million above revised estimates.
Filing an individual paper tax return becomes outdated this April as Puerto Rico switches to compulsory electronic filing in a move that is expected to save the Treasury Department up to $5 million in expenses, according to one of its top officials.
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.
This week, National Association of Realtors President Chris Polychron and Puerto Rico Association of Realtors President Edgar Morales sent a letter to the island’s House of Representatives to show support for Bill PC2566, which would exclude real estate brokerage services from the commonwealth's Sales and Use Tax and the Value Added Tax.
The Puerto Rico Treasury Department announced Friday that General Fund net revenues totaled $626.5 million in July 2015 — the first month of Fiscal 2016 — representing a $2.3 million increase when compared to July 2014.
Lawmakers and members of the executive branch gathered at the Puerto Rico Convention Center today are said to be considering six different scenarios that would combine a hybrid structure of a sales and use tax and a general excise tax to shore up the government’s finances.
The Puerto Rico Treasury Department revealed Monday that it shored up more than $1.3 billion in revenue for the government, but admitted it fell short by $97 million compared to estimates.
As aptly described in Walter Isaacson’s biography of Steve Jobs, this late genius of technological innovation was prone to deploying a “reality distortion field” to bend friends, foes and facts alike to his will.
The University of Puerto Rico at Humacao and its School of Business Administration will be offering free services to taxpayers needing to fill out their 2014 returns, the college announced Monday.
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