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Puerto Rico VAT implementation

  • VAT
  • 23 April 2016 | Richard Asquith

Puerto Rico VAT implementation

As Puerto Rico prepares to introduce a Value Added Tax to replace its current Sales & Use Tax, the Treasury Ministry has published guidance on the implementation rules.

The scheduled transition date is currently 1 June 2016, although there have been several delays on this already.

Some of the new guidance covers:

  • the new, monthly VAT return. This is due 20 days after the reporting period end.
  • details of the exemption for small companies from registration.
  • the launch of a new, online reporting portal (Sistema unificado de rentas internas)

VP Global Indirect Tax
Richard Asquith
VP Global Indirect Tax Richard Asquith
Richard Asquith is VP Global Indirect Tax at Avalara, helping businesses understand their compliance obligations as they grow globally. He is part of the European leadership team which this year won International Tax Review's Tax Technology Firm of the Year. Richard qualified as an accountant with KPMG in the UK, and went on to work in Hungary, Russia and France with EY.