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Business Entity Registration in Puerto Rico

posted Mar 31, 2015, 1:54 PM by Isla CPA   [ updated Mar 31, 2015, 1:54 PM ]
All Puerto Rico business operations should register with the required agencies. Certificates and registrations should be requested before the corporate commences operations on the island oftentimes probationary registrations are able to be promptly issued.  This list of agencies includes but isn't restricted to: Treasury Department, Municipal Revenue Collection & the Municipality,  Department of State, State Insurance, and also the Department of Labor & Human Resources. For Sales & Use Tax registration, a business should present a Merchant Registration Certificate.  One of the most significant changes that Puerto Rico is contemplating involves the replacement of the SUT with a VAT, effective January 1, 2016. We will post extensively when this proposed change is finalized.  Presently the Bill establishes that for the remainder of 2015 the provisions pertaining to sales and use tax will continue as per the Puerto Rico Internal Revenue Code of 2011

There are more rules and this post contains simplifications and is not comprehensive and my be forward looking. Additionally, as always, a professional should be consulted and be presented with specific information.

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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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