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Internal Revenue Code (Puerto Rico)
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 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 commonwealth. Also, the tax rates changed to 6% at the state level and 1% at the municipal level. In 2015, the Sales Tax and Use rate went from 7% to 11.5%. See also * Legal profession in Puerto ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Puerto Rico
Puerto Rico (; abbreviated PR; tnq, Boriken, ''Borinquen''), officially the Commonwealth of Puerto Rico ( es, link=yes, Estado Libre Asociado de Puerto Rico, lit=Free Associated State of Puerto Rico), is a Caribbean island and Unincorporated territories of the United States, unincorporated territory of the United States. It is located in the northeast Caribbean Sea, approximately southeast of Miami, Florida, between the Dominican Republic and the United States Virgin Islands, U.S. Virgin Islands, and includes the eponymous main island and several smaller islands, such as Isla de Mona, Mona, Culebra, Puerto Rico, Culebra, and Vieques, Puerto Rico, Vieques. It has roughly 3.2 million residents, and its Capital city, capital and Municipalities of Puerto Rico, most populous city is San Juan, Puerto Rico, San Juan. Spanish language, Spanish and English language, English are the official languages of the executive branch of government, though Spanish predominates. Puerto Rico ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Legal Profession In Puerto Rico
The legal profession in Puerto Rico is practiced at both commonwealth and Federal levels. Thus, legal professionals in Puerto Rico must study both the law of Puerto Rico and the law of the United States. There are presently three law schools in the commonwealth: *University of Puerto Rico School of Law, established in 1913 *Pontifical Catholic University of Puerto Rico School of Law, established in 1961 *Interamerican University of Puerto Rico School of Law, established in 1961 Facultad de Derecho Eugenio Maria de Hostos was established in 1995, but closed in 2013. After completing a Juris Doctor Degree lawyers have to pass the Puerto Rico General Bar Exam in order to practice law. Lawyers that graduated from ABA accredited schools may also practice in Puerto Rico, but they must also take the bar exam. Until 2010 all lawyers had to be associated to the Puerto Rico Bar Association in order to practice law. See also *Judiciary of Puerto Rico *Internal Revenue Code (Puerto Rico) ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Law Of Puerto Rico
The legal system of Puerto Rico is a mix of the civil law and the common law systems. Language Puerto Rico is the only current U.S. jurisdiction whose legal system operates primarily in a language other than American English: namely, Spanish. Because the U.S. federal government operates primarily in English, Puerto Rican attorneys are typically bilingual in order to litigate in English in U.S. federal courts and to litigate federal preemption issues in Puerto Rican courts. Sources United States Code Title 48 of the United States Code outlines the role of the United States Code to United States territories and insular areas such as Puerto Rico. Leyes de Puerto Rico Many of the Laws of Puerto Rico () are modeled after the Spanish Civil Code, which is part of the Law of Spain. After the U.S. government assumed control of Puerto Rico in 1901, it initiated legal reforms resulting in the adoption of codes of criminal law, criminal procedure, and civil procedure modeled after ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Taxation In Puerto Rico
Taxation in Puerto Rico consists of taxes paid to the United States federal government and taxes paid to the Government of the Commonwealth of Puerto Rico. Payment of taxes to the federal government, both personal and corporate, is done through the federal Internal Revenue Service (IRS), while payment of taxes to the Commonwealth government is done through the Puerto Rico Department of Treasury (). Puerto Rico is an unincorporated territory of the United States and Puerto Ricans are U.S. citizens; however, Puerto Rico is not a U.S. state, but a U.S. insular area. Consequently, while all Puerto Rico residents pay federal taxes, many residents are not required to pay federal income taxes. Aside from income tax, U.S. federal taxes include customs taxes, federal commodity taxes, and federal payroll taxes (Social Security, Medicare, and Unemployment taxes). Not all Puerto Rican employees and corporations pay federal income taxes. Federal law requires payment of federal income ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economy Of Puerto Rico
The economy of Puerto Rico is classified as a high income economy by the World Bank and as the most competitive economy in Latin America by the World Economic Forum. The main drivers of Puerto Rico's economy are manufacturing, primarily pharmaceuticals, textiles, petrochemicals, and electronics; followed by the service industry, notably finance, insurance, real estate, and tourism. The geography of Puerto Rico and its political status are both determining factors on its economic prosperity, primarily due to its relatively small size as an island; its lack of natural resources used to produce raw materials, and, consequently, its dependence on imports; as well as its relationship with the United States federal government, which controls its foreign policies while exerting trading restrictions, particularly in its shipping industry. At the macroeconomic level Puerto Rico has been experiencing an economic depression for consecutive years, starting in 2006 after a series of ne ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
