Yesterday, the Secretary of the Treasury in Puerto Rico issued a press release to postpone the effective date of the Value Added Tax (VAT) to June 1st, 2016, in accordance with his statutory authorization. The Sales and Use Tax (SUT) will continue to be in effect through May 31st, 2016, including the 4% tax on business to business and on designated professional services.
The VAT regime will enter into effect on June 1, 2016 only.
The determination of the Secretary is based on the request from various sectors of the economy and in order for the Executive and Legislature branches to consider proposals to modify our tax System.
For more information regarding the implementation of the VAT,
please do not hesitate to contact:
Víctor R. Rodríguez, Tax Partner
787-772-7958 or firstname.lastname@example.org
Image source: Katharina Wieland Müller / pixelio.de