Puerto Rico Transitions from Sales and Use Tax to Value Added Tax

Thursday, May 5th, 2016

 
 
Puerto Rico Department of Revenue
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Puerto Rico
General

Effective June 1, 2016, Puerto Rico will impose a Value Added Tax (VAT) on imported goods and taxable transactions instead of the Sales and Use Tax (SUT).

The Department of Treasury will have two electronic portals: (1) the Unified System of Internal Revenue (SURI), which will integrate and streamline tax administration and filing requirements, and (2) the Integrated Merchant Portal (PICO), which will be used by certain types of taxpayers, including those importing goods from outside Puerto Rico.

The Department will require merchants to apply for a Merchant Registration Certificate, file new returns, and comply with recordkeeping requirements. Taxpayers qualifying as small merchants, however, are not required to register, collect or remit tax, or meet certain other VAT requirements.

http://www.hacienda.pr.gov/publicaciones/determinacion-administrativa-num-16-07


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TTR has a website that companies subscribe to and use daily. This website provides a list of everything that can be bought or sold in the U.S. It provides simple answers to whether buying or selling these items is taxable (subject to a sales tax or other tax), and it provides all the legal authority to support these tax answers.

TTR likes to keep things simple and fun, which is why it has great people who provide help to clients on any support questions they have about transaction tax issues.

Please visit TTR on the web at www.ttrus.com or call 866.578.8193.

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