Saturday, October 26, 2013

More Taxes for Puerto Ricans to pay for Government's Squandering of Public Money

Puerto Rico Enacts Technical Amendments To Major Tax Legislation

October 25, 2013
Article by Maria de los A. Rivera and Lina Morales
On October 14, Puerto Rico enacted legislation, Act 117, which provides technical amendments to the major tax legislation, Act 40, (See related article link below) enacted earlier this year.1 Act 40, also known as the Law for the Redistribution and Adjustment of the Tax Responsibility, made numerous changes including the imposition of an additional tax on gross income ("Patente Nacional"), a moratorium on certain tax credits, imposition of sales tax on services and the elimination of the reseller exemption certificate.

Related Article:
Puerto Rico Enacts Major Tax Laws, Releases Administrative Guidance Clarifying Legislation