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Issues with PICO and the collection of Sales and Use Tax (IVU) at the Ports

posted Oct 31, 2014, 12:54 PM by Isla CPA   [ updated Oct 31, 2014, 12:54 PM ]
Puerto Rico encountered problems in implementing the 6% IVU Sales and Use Tax collection at the ports during its September roll-out.  The problem was due to the PICO system - which presently is an optional system of filing the tax. Despite the roll-out problems, the tax is still required to be paid via the traditional means by utilizing paper forms.  Once fully implemented the PICO system will be the only way to make IVU payments at the ports.

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

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