Internal Revenue Code (Puerto Rico)

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Laws of Puerto Rico

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The Internal Revenue Code of Puerto Rico (in spanish, Codigo de Rentas Internas de 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.

1 History
- 1.1 Internal Revenue Code of Puerto Rico of 1994
- 1.2 Sales and Use Tax
2 Organization
3 Subtitles
4 List of commonly-referenced sections
5 External links

[edit] History

[edit] Internal Revenue Code of Puerto Rico of 1994

[edit] Sales and Use Tax

It has been suggested that IVU (Puerto Rico) be merged into this article or section. (Discuss)

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.