In-Brief

Treasury hits the road to audit IVU compliance

Treasury is also taking steps so Internal Revenue agents use uniform and effective control measures. (Credit: © Mauricio Pascual) Treasury is also taking steps so Internal Revenue agents use uniform and effective control measures. (Credit: © Mauricio Pascual)

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).

Internal Revenue agents could issue fines of up to $20,000 to retailers who are not in compliance with the provisions of the Internal Revenue Code relating to the IVU.

“We’ve noticed that there are many businesses that qualify for a tax device (IVU Loto machine), and despite our efforts and notifications, they refuse to install one. We also have other businesses that are not registered with the IVU Loto system,” said Acosta.

The public official said the agency is also taking steps so Internal Revenue agents use uniform and effective control measures.

“Agents will continue to visit those shops where failure is detected,” she said.

Author Details
Business reporter with 25 years of experience writing for weekly and daily newspapers, as well as trade publications in Puerto Rico. My list of former employers includes Caribbean Business, The San Juan Star, and the Puerto Rico Daily Sun, among others. My areas of expertise include telecommunications, technology, retail, agriculture, tourism, banking and most other areas of the economy.

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