Puerto Rico encountered problems in implementing the 6% IVU Sales and Use Tax collection at the ports during its September roll-out. The problem was due to the PICO system - which presently is an optional system of filing the tax. Despite the roll-out problems, the tax is still required to be paid via the traditional means by utilizing paper forms. Once fully implemented the PICO system will be the only way to make IVU payments at the ports.
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
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