Customs and Trade Law Weekly Snapshot
Here is a recap of the latest customs and international trade law news:
Here is a recap of the latest customs and international trade law news:
Here is a recap of the latest customs and international trade law news:
Here is a recap of the latest customs and international trade law news:
Here is a recap of the latest customs and international trade law news:
Here is a recap of the latest customs and international trade law news:
Here is a recap of the latest customs and international trade law news:
Puerto Rico, a U.S. territory, although uniquely situated as a part of the customs territory of the United States it simultaneously operates its own internal tax system for importations into Puerto Rico. This means importations of goods into Puerto Rico must meet all import requirements that any importation into the United States must meet. For example, importations are subject to duties, taxes, and fees imposed by CBP, and importations must meet the health, safety, and sanitary and phytosanitary requirements of a wide range of federal agencies such as the U.S. Department of Agriculture, the U.S. Consumer Products Safety Commission, the U.S. Food & Drug Administration, etc.
Meanwhile, importations into Puerto Rico are additionally subject to the territory’s own entry tax administered by the Departmento de Hacienda (“Hacienda”), a Puerto Rican governmental agency that serves the function of a territory treasury department. Puerto Rico’s unique entry tax is a component of a two-pronged tax system for goods, known as the Impuesto sobre Ventas y Uso (“IVU”) (in English, “Sales and Use Tax”). As the name suggests, the IVU is comprised of (1) sales tax, and (2) a use tax.
The sales tax functions similar to sales taxes elsewhere in the United States. In Puerto Rico, the Hacienda requires that sales taxes on goods and services be collected by goods and services providers and paid to the Hacienda on a monthly basis. On the other hand, the use tax is the amount that a party must pay when introducing an item to […]
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We want to make sure you stay up to date with the hottest trade blogs from 2021. Below is a summary of what you missed by category. Enjoy! […]
Here is a recap of the latest customs and international trade law news:
CBP
BIS
China