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.
Hi, great to see your website. I like the content and the research done behind every aspect CISSP exam Question of your blog. It looks great and very knowledgeable. Keep it up the good work.
ReplyDeleteJanuary is additionally the greatest month of the year to change full-time into the training since it might be the greatest month of the year for growing new organizations as customers. Most entrepreneurs oppose evolving accountants.sme accounting services
ReplyDeleteThat other generally sort of record is an obligation account. It is utilized for amassing obligations or potentially risk. outsource payroll singapore
ReplyDeleteIn spite of the fact that they will in general incorporate comparative components, there are as yet huge contrasts.payroll services
ReplyDeleteYour blog is very useful for those who are searching for this kind of information, this information is a solution for those who are confused about it. Thanks for sharing this blog with us.1040 prep outsource to India
ReplyDeleteAccount Technicians generally commence working in a support role at a firm of accountants. Alternatively, it may be within the accounts or finance departments or sections, of commercial organisations', industrial companies or the public sector. Bookkeeping Services Toronto
ReplyDeleteYou have given essential data for us. about payroll services for small business in usa It is excellent and good for everyone. Keep posting always. I am very thankful to you.
ReplyDeleteUseful update
ReplyDelete