Client Alerts 
Publications Issued by the PR Treasury Department Regarding the Sales and Use Tax on Services
The PR Treasury Department (“Treasury”) recently issued the Circular Letter of Tax Policy No. 15-12 (the “CL 15-12”) and the Administrative Determination No. 15-17 (the “AD 15-17”) to address certain matters related to the special sales and use tax rate of 4% (the “Special SUT”) to be imposed commencing on October 1st, 2015 on the .
2015 Tax Reform Act
TAX ALERT - Act No. 72 of May 29, 2015 (the “2015 Tax Reform Act”or the “Act”) amends the Internal Revenue Code of 2011 (the “2011 Code”). Among other things, the 2015 Tax Reform Act increases the existing sales and use tax and provides for a value added tax system to substitute the Commonwealth sales and use tax, subject to certain conditions described below. The Act also amends certain income tax and excise tax provisions of the 2011 Code.
Income Tax Provisions of Tax Reform Proposal
TAX ALERT - On February 11, 2015, the Puerto Rico House of Representatives filed House Bill No. 2329 (the “Bill”) proposing the adoption of the “Puerto Rico Internal Revenue Code of 2015” and the transitory repeal of the Puerto Rico Internal Revenue Code of 2011, as amended (the “2011 Code”).
VALUE ADDED TAX PROPOSAL
TAX ALERT - On February 11, 2015, the Puerto Rico House of Representatives filed House Bill No. 2329 (the “Bill”) which proposes to enact a new Internal Revenue Code of 2015 and provides transitory provisions to repeal the Internal Revenue Code of 2011, as amended (the “2011 Code”).
Client Alerts
Publications Issued by the PR Treasury Department Regarding the Sales and Use Tax on Services
The PR Treasury Department (“Treasury”) recently issued the Circular Letter of Tax Policy No. 15-12 (the “CL 15-12”) and the Administrative Determination No. 15-17 (the “AD 15-17”) to address certain matters related to the special sales and use tax rate of 4% (the “Special SUT”) to be imposed commencing on October 1st, 2015 on the .
2015 Tax Reform Act
TAX ALERT - Act No. 72 of May 29, 2015 (the “2015 Tax Reform Act”or the “Act”) amends the Internal Revenue Code of 2011 (the “2011 Code”). Among other things, the 2015 Tax Reform Act increases the existing sales and use tax and provides for a value added tax system to substitute the Commonwealth sales and use tax, subject to certain conditions described below. The Act also amends certain income tax and excise tax provisions of the 2011 Code.
Income Tax Provisions of Tax Reform Proposal
TAX ALERT - On February 11, 2015, the Puerto Rico House of Representatives filed House Bill No. 2329 (the “Bill”) proposing the adoption of the “Puerto Rico Internal Revenue Code of 2015” and the transitory repeal of the Puerto Rico Internal Revenue Code of 2011, as amended (the “2011 Code”).
VALUE ADDED TAX PROPOSAL
TAX ALERT - On February 11, 2015, the Puerto Rico House of Representatives filed House Bill No. 2329 (the “Bill”) which proposes to enact a new Internal Revenue Code of 2015 and provides transitory provisions to repeal the Internal Revenue Code of 2011, as amended (the “2011 Code”).
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