Internal Revenue Code (Puerto Rico)

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The Internal Revenue Code of Puerto Rico (Spanish: Código de Rentas Internas de Puerto Rico) is the main body of domestic statutory tax law of Puerto Rico organized topically, including laws covering income taxes, payroll taxes, gift taxes, estate taxes, and statutory excise taxes.

Sales and use tax[edit]

Main article: IVU (Puerto Rico)

On July 4, 2006, the government approved Law 117, the 2006 Contributive Justice Law. It established a 5.5% state tax and an optional 1.5% municipal tax. It came into effect on November 15, 2006. 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 island. Also, the tax rates changed to 6% at the state level and 1% at the municipal level.

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