$4.4 million in incentives for medium-sized enterprises

PUERTO RICO (Conspiracy Talk News) – Governor Ricardo Rosselló Nevares announced, together with the Secretary of the Department of the Treasury, Raúl Maldonado Gautier, the granting of $ 4.4 million in incentives to small and medium-sized enterprises (SMEs) for their faithful compliance when remitting the Sales and Use Tax (SUT).

It was reported that 14,851 merchants received the 10% incentive for faithful compliance with the IVU during the months of August, September, October and November 2017.  

“After the passage of hurricane Maria, SMEs faced a number of challenges, among them, the significant increase in the cost of their operations. We adopt these measures to encourage small and medium-sized businesses, which play an important role in the economy of Puerto Rico, “said the chief executive.

Among the main reasons why merchants did not qualify for this incentive are: merchants with IVU debt as of December 20, 2017, merchants who need to submit a SUT form, and merchants who did not confirm their bank account to receive the incentive. 

However, the Finance Minister said that they will offer these merchants the “option of requesting a reconsideration of their case”.

On the other hand, it was reported that the temporary exemption that relieves small businesses of charging the IVU ends tomorrow, December 31, 2017.

This initiative, which was implemented from November 20 to December 31, allowed the Exempt Merchants not to charge the IVU to their clients, while enjoying an exemption when paying the IVU in the purchase of merchandise for resale, provided that when the payment was made in the said period.

This measure was implemented by Governor Rosselló Nevares to promote “economic development” a spokesperson said.

Finally, the Secretary of the Treasury announced that the IVU exemption for prepared foods will end on January 7, 2018, so as of January 8, 2018 the stores will collect the tax again.

“The extension of the moratorium allowed us to ensure that Puerto Rican families had access to food prepared after the emergency that caused the passage of Hurricane Maria, while allowing merchants to exhaust their inventory,” concluded Maldonado Gautier.

 

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