Thursday, October 13, 2016

SURI Implementation

The Puerto Rico Treasury Department is currently implementing the Unified Internal Revenue System ("SURI" by its Spanish acronym), which is an electronic platform meant to streamline tax administration by integrating and replace most of the currently used platforms.

The following steps with corresponding dates for SURI's implementation were announced:

• Phase 1: Sales and Use Tax, (operational by October 31, 2016)
• Phase 2: Integration of corporate and other business-related taxes (operational by December 2017)
• Phase 3: Integration of individuals, withholding and Gift & Estate Taxes (operational by December 2018).

Beginning October 15, 2016, all existing merchants must update their Merchant's Registration Certificate via SURI.


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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.

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