Significant Changes to Sales Tax – Deadline July 1, 2015
Both the House and the Senate of Puerto Rico have approved an increased sales tax which also incorporates a new business-to-business tax. The Governor is expected to sign it into law to begin application of this law on July 1, 2015.
Business and property owners should contact their tax/accounting specialists to begin preparations on collecting and paying these new taxes. There will be monthly reports to file even if no taxes are collected and owed. Heavy fines will be imposed for not complying with the filing/payment requirements.
If your business is currently exempt from the sales tax collections, check to see if these new law changes your sales tax status.
In sum, asume nothing and promtply check you operations anew.
Very truly yours,
Santiago F. Lampón