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Taxation in Puerto Rico consists of taxes paid to the United States federal government and taxes paid to the Government of the Commonwealth of Puerto Rico.Payment of taxes to the federal government, both personal and corporate, is done through the federal Internal Revenue Service (IRS), while payment of taxes to the Commonwealth government is done through the Puerto Rico Department of Treasury ...
The Puerto Rico Department of Treasury (Spanish: Departamento de Hacienda de Puerto Rico) is the executive department of the government of Puerto Rico responsible for the treasury of the U.S. Commonwealth of Puerto Rico. It is one of the constitutionally-created executive departments and is headed by a Secretary. [1]
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 commonwealth.
Under provisions known to residents on the island as Act 22, the law's original name, individual investors who haven't previously lived in Puerto Rico between 2006 and 2012 can get a 0% tax rate ...
Puerto Rico's recent tax laws have created a tax haven for wealthy investors that has displaced Puerto Ricans, opponents say, while some support their impact. ... The Puerto Rican government first ...
Though the Commonwealth government has its own tax laws, residents of Puerto Rico, contrary to a popular misconception, do pay U.S. federal taxes: customs taxes (which are subsequently returned to the Puerto Rico Treasury), import/export taxes, federal commodity taxes, social security taxes, etc. Residents pay federal payroll taxes, such as ...