Internal Revenue Code (Puerto Rico)

Laws of Puerto Rico
Administrative
Equal Administrative Procedures Notary Rules
Finance
Internal Revenue Code Commerce Code

Economy of Puerto Rico
Part of a series on the
Economic history of Puerto Rico
Currencies
Primary sectors
Agriculture Electricity Energy Fishing
Secondary sectors
Aerospace Automotives Construction Electronics Food service Pharmaceutics Petrochemicals PRIDCO Research Technology Textiles
Tertiary sectors
Banking Cooperativism Education Finance Healthcare Hotel Insurance Money transfers Mortgage Private security Public utilities Recreation Real estate Retail Social programs Telecommunications Tourism Transportation Warehousing Wholesale
Entertainment
Arts Filming Music News media Television
Companies
Companies of Puerto Rico Government-owned corporations Public-private partnerships
Government
Agencies Department of Economic Development and Commerce Department of Treasury Economic Development Bank Government-owned corporations Planning Board Office of Management and Budget Public-Private Partnerships Authority
Assets Consolidated Fund General Fund Public Improvements Fund Special State Funds
Bond issuers AFI AFICA Authority for the Financing of the Infrastructure of Puerto Rico COFINA Government Development Bank Municipal Financing Agency
Public debt Balance Budget Bonds issued by Puerto Rico Debt crisis Public debt of Puerto Rico
Taxes Internal Revenue Code Sales and Use Tax Taxation in Puerto Rico
Trade associations Chamber of Commerce Chamber of Marketing, Industry, and Distribution of Food Made in Puerto Rico MIDA Manufacturers Association Puerto Rico Products Association United Retailers Center

The Internal Revenue Code of Puerto Rico (Spanish: Código de Rentas Internas de Puerto Rico) is the main body of domestic statutory tax law of Puerto Rico organized topically, including laws covering the income tax, payroll taxes, gift taxes, estate taxes and statutory excise taxes.

History

Sales and Use Tax

Main article: IVU (Puerto Rico)

On July 4, 2006, the government approved Law Number 117, The 2006 Contributive Justice Law, establishing a tax with a 5.5% rate at state level and an optional 1.5% rate at municipal level. The tax went into effect on November 15, 2006. The tax is better known as the Impuesto sobre Ventas y Uso (Sales and Use Tax), or by its Spanish acronym, IVU.

The law amended Article B of the Code and created sub-article BB.

On July 29, 2007, the government approved Law Number 80, making the tax mandatory for all municipalities of the island. Also the tax rates changed to 6% at the state level and 1% at the municipal level.

External links

Official web page of the Treasury Department regarding Sales Tax(in spanish)

Government finances in Puerto Rico

Accounting	Budget Debt crisis Government budget balance Public debt

Assets	Consolidated Fund General Fund Public Improvements Fund Special State Funds

Bond issuers	AFI AFICA Authority for the Financing of Housing Authority for the Financing of the Infrastructure of Puerto Rico COFIM COFINA Government Development Bank Municipal Financing Agency Public Financing Corporation

Bonds	Bonds issued by Puerto Rico Puerto Rico Sales Tax Revenue Bonds

Other agencies	Department of Economic Development and Commerce Department of Treasury Economic Development Bank Office of Management and Budget Planning Board Public-Private Partnerships Authority

Taxation	Internal Revenue Code Sales and Use Tax Taxation in Puerto Rico

This article is issued from Wikipedia - version of the Thursday, December 17, 2015. The text is available under the Creative Commons Attribution/Share Alike but additional terms may apply for the media files.

Internal Revenue Code (Puerto Rico)

History

Sales and Use Tax

See also

External links