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Puerto Rico 4% excise tax now to be effective July 2013

Puerto Rico 4% excise tax now to be effective July 2013

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Published by PwC
Puerto Rico's House of Representatives passed a bill to set excise tax for offshore medical device manufacturers at 4%. This rate will continue until December 31, 2017 at the latest.
Puerto Rico's House of Representatives passed a bill to set excise tax for offshore medical device manufacturers at 4%. This rate will continue until December 31, 2017 at the latest.

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Categories:Types, Business/Law
Published by: PwC on Dec 05, 2013
Copyright:Attribution Non-commercial

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12/05/2013

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Pharma and Life Sciences Tax News 2013 / Volume 12 / Issue #4
 www.pwc.com
 Puerto Rico 4% Excise Tax now to be effective July 2013
 February 15, 2013
 In brief 
 
Further to our previous communication dated February 7, 2013 (
), in which we discussed the introduction of HB 741, which would set the excise tax at 4% for taxable periods commencing after December 31, 2012 until December 31, 2017,  we would like to inform you about the most recent developments.
 In detail 
  New developments
HB 741, which would set the excise tax at 4% for taxable periods commencing after December 31, 2012 until December 31, 2017, was passed  by the Puerto Rico House of Representatives on Monday evening and is awaiting approval from the Senate. It is expected that the bill will be approved next week and enacted into law shortly thereafter. The  bill was amended to defer the effective date of the law until taxable periods commencing
after June 30, 2013.
No further changes were made by the House. Accordingly, the 4% excise tax is scheduled to end for the taxable period ending on or before December 31, 2017.
The takeaway
The six-month deferral was the result of feedback received by the government from entities affected, including an agreement by certain companies for an advance excise tax payment. In light of the anticipated enactment into law, we encourage US pharmaceuticals and life science companies affected to become engaged in the approval process, to provide further feedback, and to consider meeting with Puerto Rico government officials to assess the impact of this new measure.

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