SALT Report 3813 – After a long series of starts, stops, revisions, planning, preparation and postponements the Puerto Rico treasury will not be imposing their version of the VAT as expected. In summary, June 1, 2016 will come and go Continue reading Puerto Rico – VAT Repealed, House And Senate Override Governor’s Veto On May 26, 2016
SALT Report 3809 – On Friday, the Governor issued his veto to the Substitute Bill to HB 2032, HB 2838, HB 2839 and HB 2840. In order for House and Senate to override the veto, they need a 2/3 majority Continue reading Puerto Rico – VAT/Sales Tax Update May 23, 2016 Answers Expected This Week
SALT Report 3796 – The Puerto Rico Treasury still deciding between VAT and SUT transition, timing and details. The latest per Administrative Determination 16-07. On April 18, 2016, the Puerto Rico Department of the Treasury issued Administrative Determination 16-07 (“AD Continue reading Puerto Rico – AD 16-07: SUT…VAT…SUT…VAT…The Latest As Of Monday April 18, 2016
Forbes.com by Joe Harpaz: 9/17/2015 “In the case of Puerto Rico, a 10.5% VAT will be applied to a wide range of goods and services effective April 1, 2016. The move is part of a sweeping plan to inject $1.5 billion into Continue reading Puerto Rico – Puerto Rico Brings First-Ever Value-Added Tax to the U.S.
Forbes.com by Scott Beyer – “On July 1, Puerto Rico raised its Sales and Use Tax (SUT) from 7% to 11.5%, through leadership from the legislature and Democratic governor Alejandro Garcia Padilla. 10.5% of this is imposed by Puerto Rico’s Department of Continue reading Puerto Rico – Puerto Rico, At 11.5%, Has America’s Highest Sales Tax
$58 Million of interest and principal are due on August 1 and Puerto Rico is looking to restructuring $72 billion of debt. Further Information: http://www.bloomberg.com/news/articles/2015-07-27/puerto-rico-lacks-cash-for-august-bond-payment-official-says
Salt Report 3671 – On May 26, 2015, Puerto Rican legislators approved an increase of their sales tax rate from seven percent to eleven and a half percent. Puerto Rican Governor is expected to pass the bill. Further Information: Puerto Continue reading Puerto Rico – Proposed Sales Tax Increase Bill Passes to Governor
SALT Report 3518 – The Commonwealth of Puerto Rico has announced the updated names of two forms related to Sales and Use Tax. The intent of the amendments are to avoid confusion among merchants and importers when completing these forms. Continue reading Puerto Rico – New Names Of Import Related Forms Announced