Internal Revenue Code (Puerto Rico)

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The Internal Revenue Code of Puerto Rico (in 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

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 COFINA Authority for the Financing of Housing Authority for the Financing of the Infrastructure of Puerto Rico Government Development Bank Municipal Financing Agency Public Financing Corporation Sales Tax Financing Corporation Urgent Interest Fund 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

Internal Revenue Code (Puerto Rico)

History

Sales and Use Tax

See also

External links