Puerto Rico Implements PICO and Changes Use Tax Policy

Thursday, July 31st, 2014

 
 
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(McMinnville, OR, July 31, 2014) Puerto Rico has implemented a new online system to pay sales and use taxes. The new system is called PICO, which stands for "Portal Integrado del Comerciante," or in English, "Merchant Integrated Portal." PICO is now the only way to pay Puerto Rico sales and use taxes.

Companies importing goods to Puerto Rico face additional changes. Beginning August 1, all imports (including imported goods that will be resold) are subject to Puerto Rico's use tax; that use tax must be paid through the PICO system before possession of the goods can be taken. (Note that a credit for use tax paid on imported goods is allowed after the goods are actually resold.)

Transaction Tax Resources, Inc. (TTR) is the leading provider of sales and use tax information, and TTR's Puerto Rico content provides subscribers with all the information needed to prepare for Puerto Rico's new policy changes.

"Our clients are thrilled to have this information available to them. Access to this information has made preparing for Puerto Rico's new system an easy process." - Alex Bowling, CTO, TTR.

For more information regarding the PICO system or Puerto Rico sales and use taxes, please contact TTR at 866.578.8193, or visit TTR at www.ttrus.com.


About TTR

Transaction (buying or selling things), Tax (the tax on this activity), Resources (our people, our website, our support services) - TTR, Inc.

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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