Indirect Tax Changes in Puerto Rico

August 6, 2015

Sovos

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Sovos

This blog was last updated on June 27, 2021

As result of the passage of Law 72-2015, the indirect tax system of the Commonwealth of Puerto Rico is undergoing a remarkable transformation which is taking place over three distinct stages, culminating with a new Value Added Tax scheduled which will go into effect on April 1, 2016. Last week, our Tax Experts, Ramon Frias and Elizabeth Quintana, discussed the recent changes in Puerto Rico’s tax system. During this 60 minute webinar our team covered:

Provide an overview of the most critical changes to the sales and use tax of the island (IVU) contemplated by the new legislation
Examine the basic features of the upcoming VAT (locally known as IVA)
Discuss in detail what taxpayers will need to know to remain compliant
Review administrative adjustments made by Puerto Rico to their filing and remittance process

In case you missed it, the presentation is now available! Click here to watch the presentation.

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Sovos is a global provider of tax, compliance and trust solutions and services that enable businesses to navigate an increasingly regulated world with true confidence. Purpose-built for always-on compliance capabilities, our scalable IT-driven solutions meet the demands of an evolving and complex global regulatory landscape. Sovos’ cloud-based software platform provides an unparalleled level of integration with business applications and government compliance processes. More than 100,000 customers in 100+ countries – including half the Fortune 500 – trust Sovos for their compliance needs. Sovos annually processes more than three billion transactions across 19,000 global tax jurisdictions. Bolstered by a robust partner program more than 400 strong, Sovos brings to bear an unrivaled global network for companies across industries and geographies. Founded in 1979, Sovos has operations across the Americas and Europe, and is owned by Hg and TA Associates.