On July 1st, 2014 Act No. 80 of 2014 was passed. In the act were amendments regarding the Sales and Use Tax for Puerto Rico.
Modifications we made to: Monthly Sales and Use Tax Returns, Sales and Use Tax bond for Importers, Exempt Purchases Certificates, Foreign Trade Zones, and Sales and Use Tax Credit Limitations.
Some details of the modifications include: a new date for monthly Sales and Use Tax filing, a new form " Use tax Declaration for Release of Tangible Personal Property", and a new requirement for the Importers Bond to cover 100% of the Sales and Use Tax obligation plus an additional 25% for penalties and fees. In addition, for the purposes of the Sales and Use Tax, tangible personal property destined for foreign trade zones within Puerto Rico must be declared and will be subject to Sales and Use Tax.
There are more rules and this post contains simplifications and is not comprehensive. Additionally, as always, a professional should be consulted and be presented with specific information.
The information on this website is general information and is for educational use only and has not been verified for accuracy nor completeness. You, the reader, should further research your specific individual situation. In addition you should contact your accounting professional for professional advice derived from specific details from your structure and financial position.
IRS CIRCULAR 230 DISCLOSURE:
To comply with requirements imposed by the Department of the
Treasury, we inform you that any U.S. tax advice contained in this post (including any
attachments) is not intended or written by the practitioner to be used, and that it cannot be used by any
taxpayer, for the purpose of (i) avoiding penalties that may be imposed on the taxpayer, and (ii)
supporting the promotion or marketing of any transactions or matters addressed herein.