The most recent amendment to the Puerto Rico revenue code (Act 1 from 2011) was enacted on July 2, 2015. Act 107 effectively exempts providers of services to Condo Owner's Association in Puerto Rico from the responsibility to collect Sales and Value Added Tax.
The law also relieved Owner's Associations from the 4% "business to business" tax on professional services previously contemplated in Act 72 from May 29, 2015.
This is a welcomed relieve for all Owner's associations which were facing an inevitable 10-15% increase of all monthly maintenance fees billed to unit owners starting October 1, 2015 in order to be able to balance their operating budgets, if these taxes were to go into effect.
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, Isla CPA informs 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.
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, Isla CPA informs 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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