Friday, October 31, 2014

Issues with PICO and the collection of Sales and Use Tax (IVU) at the Ports

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.

***

Disclaimer
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

2 comments:

  1. These are some great tools that i definitely use for SEO work. This is a great list to use in the future.. Offer In Compromise Lawyer

    ReplyDelete
  2. 1z0-932 vce Exam Study Guide imparts you the best knowledge on each and every question of Oracle 1z0-932 certification exam.

    ReplyDelete