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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 ...
Demographically, municipalities in Puerto Rico are equivalent to counties in the United States, and Puerto Rican municipalities are registered as county subdivisions in the United States census. [2] Statistically, the municipality with the largest number of inhabitants is San Juan , with 342,259, while Culebra is the smallest, with around 1,792.
As of 2012, the real estate industry in Puerto Rico constituted about 14.8% of the gross domestic product of Puerto Rico, about 1% of all of the employee compensation on the island and, together with finance and insurance , about 3.7% of all the employment on the jurisdiction.
Under provisions known to residents on the island as Act 22, the law's original name, individual investors who haven't previously lived in Puerto Rico between 2006 and 2012 can get a 0% tax rate ...
The Puerto Rico Department of Treasury (Spanish: Departamento de Hacienda de Puerto Rico) is the executive department of the government of Puerto Rico responsible for the treasury of the U.S. Commonwealth of Puerto Rico. It is one of the constitutionally-created executive departments and is headed by a Secretary. [1]
In addition, because the cutoff point for income taxation is lower than that of the U.S. IRS code, and because the per-capita income in Puerto Rico is much lower than the average per-capita income on the mainland, more Puerto Rico residents pay income taxes to the local taxation authority than if the IRS code were applied to the island.
The Hollander Tax was a land tax put in place in 1900 by the Puerto Rico's US-appointed Treasurer, Jacob Hollander shortly after the acquisition of the island by the United States following the Spanish American War. It exempted lands priced below $100 and thus fell squarely on middle- and high-income landowners.
On November 15, 2006, the government eliminated the excise tax of 6.6% on imports (taxes on cigarettes, liquor, and cars are still in effect) and substituted it for a 5.5% islandwide Sales and Use Tax, plus a municipal sales tax of 1.5%, for a total of 7%, in what has been known as the Puerto Rico Tax Reform. [17]
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