Act Number 249 of December 29, 2015 creates a tax exempt program with respect to the Department of Treasury of Puerto Rico for the benefit of homeowner associations or associations of condominium organized under the laws of Puerto Rico. Homeowners associations that have not yet presented their Applications for Exemption as per Section 1101.01 of
Read More...Administrative Determination Number 15-25 (AD 15-25), issued on December 29, 2015 by the Puerto Rico Treasury Department, states that generally all merchants that are withholding agents of sales and use taxes (i.e., with green merchant certificates) must file Form SC 2915F even if the services rendered are partially or totally exempt from the sales and
Read More...Administrative Determination Number 15-23, issued on October 30, 2015 by the Puerto Rico Treasury Department, establishes that the Monthly Return Applicable to Services Rendered to Other Merchants and Designated Professional Services, Form SC 2915 F, is an additional return that only applies to merchants that render services to other merchants and those that render designated
Read More...Act 20 of January 17, 2012, Act 273 of September 25, 2012 and Act 399 of September 22, 2004 (Export Service Acts) all provide tax incentives to certain eligible businesses that export certain services. Administrative Determination 15-22 issued by the Department of Treasury on October 13, 2015 summarizes the guidelines applicable to shareholders or partners
Read More...Changes related to Sales and Use Tax Provisions Act 159 of September 30, 2015 (Act 159) incorporates technical amendments to Act 72. Act 159 modifies certain SUT provisions of the Code, as well as some income tax provisions. Hereinafter, we will provide a brief overview of the changes related to SUT. Designated Professional Services
Read More...Informative Bulletin 15-14 issued on September 28, 2015 notifies that IVU Loto will no longer have regular drawings, special additional drawings nor extraordinary special drawings (drawings). The last special additional drawing and extraordinary special drawing were held on September 5, 2015 and the final regular drawing was held on September 29, 2015. However, merchants will
Read More...Currently merchants who are dedicated to the rendering of legal services and other designated professional services that are regulated by the corresponding Examination Boards at the Department of State (Agronomists, Architects and Landscape Architects, CPA’s, certain Real Estate Professionals, Draftsmen/women, Geologists, Engineers and Land Surveyors) are exempt from collecting sales and use tax on the
Read More...As mentioned in our prior Newsletter of May 29, 2015 as per Act 72 of May 29, 2015 (Act 72), the sales and use tax (SUT) will increase to 11.5% starting July 1, 2015 (10.5% State Portion, 1% Municipal Portion). This increase will apply to articles and services that are currently taxable. Senate Bill 1433,
Read More...Failure to reach a consensus and approval of the Tax Reform, brought to the consideration of the Puerto Rico Legislature House Bill 2482 (the Bill) on May 18, 2015. The goal is to provide an immediate solution for the source of revenue needed for the Puerto Rico Government and its budget. This bill amends several
Read More...Prepayment Window Prepayment options on certain assets, undistributed accumulated amounts of Individual Retirement Accounts, and undistributed accumulated amounts of variable annuity contracts, introduced by Act No. 77-2014 and Act No. 238-2014, were extended until April 30, 2015 by Act No. 44-2015. In addition, Act No. 44-2015 incorporates prepayment options for educational IRAs, dividends distributions and
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