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Puerto Rico Sales and Use Tax Modifications in 2014

posted Sep 28, 2014, 5:54 AM by Isla CPA   [ updated Sep 28, 2014, 5:54 AM ]
On July 1st, 2014 Act No. 80 of 2014 was passed.  In the act were amendments regarding the Sales and Use Tax for Puerto Rico.

Modifications we made to: Monthly Sales and Use Tax Returns, Sales and Use Tax bond for Importers, Exempt Purchases Certificates, Foreign Trade Zones, and Sales and Use Tax Credit Limitations.

Some details of the modifications include: a new date for monthly Sales and Use Tax filing, a new form " Use tax Declaration for Release of Tangible Personal Property", and a new requirement for the Importers Bond to cover 100% of the Sales and Use Tax obligation plus an additional 25% for penalties and fees.  In addition, for the purposes of the Sales and Use Tax, tangible personal property destined for foreign trade zones within Puerto Rico must be declared and will be subject to Sales and Use Tax.

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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