For additional information, do not hesitate to contact our offices. Our address is:
Fiddler González & Rodríguez, P.S.C., P.O. Box 363507, San Juan, PR 00936-3507.
We welcome your questions and comments.
Myrna Y. Medina-Massanet
*Special Tax Counsel
CL 14-03 specifies that all importers interested in becoming a bonded merchant and deferring the payment due date of the SUT on imports must be up in good standing with the PRTD. The applicants must file a written request to the Director of the Consumption Tax Bureau to the following address: Consumption Tax Bureau, Treasury Department, Mercantil Plaza Building, Ponce de Leon Avenue, Stop 27 ½, San Juan, Puerto Rico 00918.
The Circular Letter also states that the bond minimum amount will be $10,000.00. The bond amount will include an amount to cover the payment of the tax plus the equivalent of 25% of such amount to guarantee the payment of any surcharge, interest, or administrative fine that may be imposed for failure to pay the tax within the prescribed time.
Once the request has been filed, the Consumption Tax Bureau will evaluate the request and will complete the form titled “Bond to Guarantee the Payment of Taxes, Fines, Interests, and Penalties” (Model SC 2058), which must be signed by the insurance company and the guarantor.
The request of this bond is great significance to importers which desire to postpone the payment of the SUT on imports, in light of the elimination of the use tax exemption applicable to imported taxable items introduced for resale effective on August 1, 2014. Please see our Act No. 80 Tax Watch for more information in connection these recent changes in the SUT system.
The Tax Group at Fiddler González & Rodríguez, PSC, attorneys and counselors at law, will keep you posted of new developments. If you know anyone that would like to receive the FGR tax updates, please feel free to forward this newsletter or reply to this email in order to be added as recipient. Stay tuned for further updates of FGR TAX WATCH.
***IRS CIRCULAR 230 DISCLOSURE: To ensure compliance with requirements imposed by the Internal Revenue Service, we inform you that any United States federal tax advice in this communication (including any attachments) is not intended or written by Fiddler González & Rodríguez, P.S.C. to be used, and cannot be used, for the purpose of (i) avoiding any penalties under the Internal Revenue Code, or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein.
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**©2014 Fiddler, González & Rodríguez, P.S.C. This Watch has been prepared by Fiddler, González & Rodríguez, P.S.C. for informational purposes only and does not constitute legal advice. This information does not create, and receipt of it does not constitute, a lawyer-client relationship. Readers should not act upon this without seeking advice from professional advisers. Fiddler, González & Rodríguez, P.S.C. and its members assume no responsibility to inform you of additional changes in law or any other legal issues related to the matters advised in this e-mail.