Puerto Rico: New sales tax prepayments, first due date

Puerto Rico: New sales tax prepayments, first due date

The Puerto Rico Treasury Department on July 28, 2017, released Administrative Determination (AD) No. 17-07 which provides that under legislative changes requiring sellers to make prepayments of sales tax (IVU) on a bi-weekly basis, the first prepayments are due by:

1000

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  • August 15, 2017, for certain “large taxpayers”
  • September 15, 2017, for other affected taxpayers

The guidance (AD 17-07) implements changes that were enacted by Act 46-2017 (signed into law on July 19, 2017). Read TaxNewsFlash-United States

AD 17-07 provides that the prepayment requirements under Act 46-2017 will apply to taxpayers defined as “large taxpayers” effective for the month of August 2017. Therefore, for these taxpayers, the first prepayment will be due August 15, 2017. For merchants required to make prepayments under the $2,000 criteria, the prepayment will be effective for September 2017, with the first payment due on September 15, 2017.

 

Read a July 2017 report [PDF 135 KB] prepared by KPMG LLP

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