Puerto Rico VAT implementation
As Puerto Rico prepares to introduce a Value Added Tax to replace its current Sales & Use Tax, the Treasury Ministry has published guidance on the implementation rules.
The scheduled transition date is currently 1 June 2016, although there have been several delays on this already.
Some of the new guidance covers:
- the new, monthly VAT return. This is due 20 days after the reporting period end.
- details of the exemption for small companies from registration.
- the launch of a new, online reporting portal (Sistema unificado de rentas internas)