The Puerto Rico Secretary of Treasury has issued Administrative Determination 16-07 providing procedures for a transition from Sales Tax to Value Added Tax effective June 1, 2016. A very brief summary follows:
- The VAT rate is 10.5%;
- A "Certificate of Small Business" will be available for businesses with gross income volume of less than $125,000;
- The "Reseller Certificates" remain valid for the 1% Municipal Sales Tax exemption;
- The "Certificate for Exempt Purchases and Services Subject to the 4% Special-SUT" (Form 2916) remains temporarily in effect until further notice and will serve as a certificate of exempt purchases for VAT purposes.
- "Eligible Reseller Certificates" expire June 30, 2016 regardless of their expiration date. After June 30, 2016 these merchants will be fully subject to VAT.
- A new web based portal (SURI) would be available for all tax filings and the first filing is July 20th, 2016;
- The filing of returns for merchants with pre-existing contracts will continue under PICO until June 30, 2016. The SUT paid on the pre-existing contract will not be creditable against the VAT;
***
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.
Thanks for such a pleasant post. This post loaded with lots of useful information. Keep it up. If you are looking for the best information and suggestions related to Consolidation Accounting then visit Insiet Ltd
ReplyDeleteYour work is truly appreciated round the clock and the globe. It is incredibly a comprehensive and helpful blog. CIDB Registration
ReplyDeleteGreat Work,thanks for posting this useful information which is necessary for everyone. Keep sharing these types of informative posts in your blog. For Accounting And Tax Preparation in North Carolina, you can prefer one of the best accounting services provider which is aradhanaaggarwalcpa.
ReplyDeleteAs per AICPA: "Measurable accounting is the use of accounting standards, speculations, and control to realities or theories at issues in a lawful question and includes each part of accounting information. London accountant
ReplyDeleteThis comment has been removed by the author.
ReplyDeleteI have bookmarked your website because this site contains valuable information in it. I am really happy with the quality and presentation of the articles. Thanks a lot. VAT services company in Dubai
ReplyDeleteThis is a well-informed article which you have shared here about VAT update. This is an exceptionally enlightening and valuable article. This sort of counsel isn't anything but difficult to track down along these lines, much obliged for this data. private mortgages
ReplyDeleteGreat job for publishing such a nice article. Your article isn’t only useful but it is additionally really informative. Thank you because you have been willing to share information about VAT. Bookkeeping Services For Dental Practices Upper Mount Gravatt
ReplyDeleteYou have beaten yourself this time, and I appreciate you and hopping for some more informative posts in future. Thank you for sharing great information to us. aweber pricing aweber affiliate
ReplyDeleteThis is a great high-resolution screen that you have shared for the users. Making a website is not an easy task but managing a good website is really hard work. As far as this website is concerned about vat update. GST netfile
ReplyDeleteWow, cool post. I'd like to write like this too - taking time and real hard work to make a great article... but I put things off too much and never seem to get started. Thanks though. klarna abrechnungsbericht einlesen
ReplyDeleteGet Your Tax Retuern with Best Financial advisor in Vancouber. Get best Life insurance Vancouver Advice with Get Ahead Financial.
ReplyDeleteThis post is really awesome. Genuinely I like this blog. It gives me more useful information. I hope you share lots of things with us.
ReplyDeleteVat Accounting Services in Dubai
This is such a great resource that you are providing and you give it away for free. I love seeing blog that understand the value of providing a quality resource for free. test bank
ReplyDeleteregulatory compliance I have read all the comments and suggestions posted by the visitors for this article are very fine,We will wait for your next article so only.Thanks!
ReplyDeleteThere are less things to stress over and decreased costs besides, consequently there is space for development. accounting and secretarial services
ReplyDeleteI Obtain full details on accounting services in Dubai and more information. Thanks for sharing such an amazing blog.
ReplyDeleteaccounting services in Dubai
California estimated tax payments A very awesome blog post. We are really grateful for your blog post. You will find a lot of approaches after visiting your post.
ReplyDeleteNice post. I was checking constantly this blog and I’m impressed! Extremely useful info specially the last part I care for such information a lot. I was seeking this certain info for a long time. Thank you and good luck. 먹튀검증
ReplyDeleteI am unable to read articles online very often, but I’m glad I did today. This is very well written and your points are well-expressed. Please, don’t ever stop writing. 먹튀검증
ReplyDeleteThanks for taking the time to discuss this, I feel strongly about it and love learning more on this topic. 먹튀검증
ReplyDeleteGreat post, you have pointed out some fantastic points , I likewise think this s a very wonderful website. pii-email
ReplyDeletenice bLog! its interesting. thank you for sharing.... 먹튀검증
ReplyDeleteExcellent knowledge, You are providing important knowledge. It is really helpful and factual information for us and everyone to increase knowledge. Continue sharing your data. Thank you. corporate services
ReplyDeleteThanks for publishing such great information. You are doing such a great job. This information is very helpful for everyone. Keep it up. Thanks. Value Added Tax Advice In London
ReplyDeletevidics: Simple, Secure, and Free. Vidics is a platform for those who want to watch full-length HD movies and TV shows. It claims to have one of vidics alternatives the largest collections of movies that daily update with the latest titles. You can find and watch any movies without sign up or any restriction. Vidics also has its native mobile applications for those who want to watch movies on their mobile devices.
ReplyDeleteHow to use Androrat apk?
To use the AndroRat apk carefully, read the section “How to hack android systems using AndroRAT” in the article above.
How to download Androrat apk on android?
Click on the download androrat apk link download here yes link below and follow the steps that display on your screen.
Alluded to as the "City of Gold", the spot offers a less expensive expense of gold than most travelers' nations of origin. news
ReplyDeleteVery useful post. This is my first time i visit here. I found so many interesting stuff in your blog especially its discussion. Really its great article. Keep it up. 먹튀검증
ReplyDeleteOn the only hand, clients gain from now no longer having to cope with 3 distinctive entities (internet designer, internet host and registrar) and having to training session the logistics.BPO providers
ReplyDeleteI think this is an informative post and it is very beneficial and knowledgeable. Therefore, I would like to thank you for the endeavors that you have made in writing this article. All the content is absolutely well-researched. Thanks... 토토커뮤니티
ReplyDeleteI liked your work and the way in which you have shared this article here about accounting. It is a beneficial and helpful article for us. Thanks for sharing an article like this. singapore accountants
ReplyDeleteManagement accountants take part in deciding on capital budgeting of the corporation. Tax accountants deal on the preparation of the income tax statement of the company. Bookkeeping Services Toronto
ReplyDeleteI prefer high-quality content, which I discovered in your article. The information you've provided is useful and important to us. Continue to post articles like these. Thank you very much. Accounting Bookkeeping Services in Malaysia
ReplyDeleteI owe you a debt of gratitude because the article you've posted here is fantastic. I learned something useful from this article. Thank you for sharing about property tax advisors for commercial property in UK. Continue to post.
ReplyDeleteThis particular is usually apparently essential and moreover outstanding truth along with for sure fair-minded and moreover admittedly useful My business is looking to find in advance designed for this specific useful stuffs… music
ReplyDeleteThis is my first time visit to your blog and I am very interested in the articles that you serve. Provide enough knowledge for me. Thank you for sharing useful and don't forget, keep sharing useful info: crush
ReplyDeleteHello I am so delighted I located your blog, I really located you by mistake, while I was watching on google for something else, Anyways I am here now and could just like to say thank for a tremendous post and a all round entertaining website. Please do keep up the great work. welders
ReplyDeleteExcellent article. Very interesting to read. I really love to read such a nice article. Thanks! keep rocking. crush
ReplyDeleteI think this is an informative post and it is very useful and knowledgeable. therefore, I would like to thank you for the efforts you have made in writing this article. playist
ReplyDeleteI found so many interesting stuff in your blog especially its discussion. From the tons of comments on your articles, I guess I am not the only one having all the enjoyment here! keep up the good work... music
ReplyDeleteNice to be visiting your blog again, it has been months for me. Well this article that i've been waited for so long. I need this article to complete my assignment in the college, and it has same topic with your article. Thanks, great share. playist
ReplyDeleteI found that site very usefull and this survey is very cirious, I ' ve never seen a blog that demand a survey for this actions, very curious... crush
ReplyDeleteExcellent article. Very interesting to read. I really love to read such a nice article. Thanks! keep rocking. songs
ReplyDeleteI wanted to thank you for this excellent read!! I definitely loved every little bit of it. I have you bookmarked your site to check out the new stuff you post. unique domain
ReplyDeleteThanks for the blog loaded with so many information. Stopping by your blog helped me to get what I was looking for. MPG CPA
ReplyDeleteVery well written article. It was an awesome article to read. Complete rich content and fully informative. I totally Loved it.Accounting outsourcing to India
ReplyDeleteTax return Gold Coast Thanks for a very interesting blog. What else may I get that kind of info written in such a perfect approach? I’ve a undertaking that I am simply now operating on, and I have been at the look out for such info.
ReplyDeleteHi to every single one, it’s truly a good for me to visit this web page, I love your content, they are very nice and it includes helpful Information. Check out our website Small Business Accounting Sydney for more Future Accounts Pty Ltd related info! I am truly pleased to read this website posts which carries lots of helpful data, thanks for providing these kinds of statistics.
ReplyDeleteI read a article under the same title some time ago, but this articles quality is much, much better. How you do this.. wimbledon tax accountants
ReplyDeleteIt is what I was searching for is really informative. It is a significant and useful article for us. Thankful to you for sharing an article like this.Accountancy Services For Small Businesses New Zealand
ReplyDeleteThe delightful article you have posted here. This is a good way to increase our knowledge. Continue sharing this kind of articles, Thank you.bookkeeper Melbourne
ReplyDeleteYou wrote this post very carefully. accounting services london The amount of information is stunning and also a gainful article for us. Keep sharing this kind of articles, Thank you.
ReplyDeleteI appreciate the time and effort you put into this text. This information is both Accounting outsourcing to India cpa useful and lavish. I'd like to express my gratitude to everyone who contributed to this text.
ReplyDeleteEvery business Assurance , irrespective of its area of specialization requires having a sound accounting function in place for various reasons, including productivity and even capital borrowing. Thus business accounting services are an important addition to any company budget. The following are some of the common types of accounting services provided by accounting firms.
ReplyDeleteThanks for such a wonderful post on VAT Update. would love to see similar kind of post in the future.
ReplyDeleteI appreciate the time and effort you put into this text. Very good blogpost. We providing Basketball branding and positioning consulting
ReplyDeleteExcellent knowledge, You are providing important knowledge. It is really helpful and factual information for us and everyone to increase knowledge. Continue sharing your data. Blood flow restriction training athens fl
ReplyDeleteTheir Social media campaigns for basketball organization were a game-changer. They know how to engage fans, create buzz, and generate excitement. A definite win for any team.
ReplyDelete