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.
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.
Can we count on you?
As recent events have shown us, independent and responsible journalism is more important than ever. That’s why your support is very necessary to ensure that we will be around for a while!
We want to stay true to our mission of delivering quality journalism…for that, we count on your support. Every contribution, big or small, is greatly appreciated!