Internal Revenue Code (Puerto Rico)

The Internal Revenue Code of Puerto Rico (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

Main article: IVU (Puerto Rico)

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.

See also

• Legal profession in Puerto Rico
• Law of Puerto Rico
• Puerto Rico Tax and Customs Laws

External links

• Official web page of the Treasury Department regarding Sales Tax(in spanish)