Puerto Rico Sample Letter for Tax Clearance Letters
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How to fill out Sample Letter For Tax Clearance Letters?
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FAQ
While the Commonwealth government has its own tax laws, Puerto Rico residents are also required to pay US federal taxes, but most residents do not have to pay the federal personal income tax.
Specifically, a U.S. citizen who becomes a bona fide Puerto Rico resident and moves his or her business to Puerto Rico (thus, generating Puerto Rico sourced income) may benefit from a 4% corporate tax/fixed income tax rate, a 100% exemption on property taxes, and a 100% exemption on dividends from export services.
If you present a valid Puerto Rico resale certificate to your vendor, you won't be required to pay sales tax on that purchase, since you are purchasing for resale.
Bona Fide Residents of Puerto Rico: Generally, you are a bona fide resident of Puerto Rico if during the tax year, you: Meet the presence test ? Do not have a tax home outside Puerto Rico, and ? Do not have a closer connection to the United States or to a foreign country than to Puerto Rico.
The U.S. tax code (Section 933) allows a bona fide resident of Puerto Rico to exclude Puerto Rico-source income from his or her U.S. gross income for U.S. tax purposes.
FDAP income that is non-effectively connected income is taxed at a flat 30% rate on the gross income unless a tax treaty specifies a lower rate. Nonresident aliens must file and pay any tax due using Form 1040-NR, U.S. Nonresident Alien Income Tax Return.
Puerto Rican employees who are non-residents are subject to a flat 29% withholding in the case of foreign nationals and to a 20% withholding in the case of US citizens.
Travelers are required to complete the online Request for Room Tax Exemption through Puerto Rico's Tourism Bureau. Once the form is approved, the traveler will be provided a tax exemption letter that must be provided to the hotel.
