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Hacienda Carries Out New Round of Embargoes

By on May 19, 2016

SAN JUAN—In what by now has become a weekly tradition, the Puerto Rico Treasury Department, also known as Hacienda, embargoed three businesses on Thursday, the latest in an ongoing campaign the government agency has carried out to curb tax evasion.

Hacienda

Hacienda’s greatest hits

The three embargoed businesses have a total tax debt of more than $622,868, mostly stemming from a failure to remit to Hacienda money that the businesses collected from customers as part of the sales and use tax (IVU by its Spanish acronym), said Hacienda Secretary Juan Zaragoza.

The embargoed businesses include Ferretería Arce, a hardware store named in Vega Baja that owes $422,902 in IVU remittances and around $60,000 in corporate income tax, employer retention and a 7% retained from employees.

Puerto Rico One Trading, a metal and glass product manufacturer in Caguas, was also embargoed after owing Hacienda $88,125 in IVU remittances. Finally, Treasury also embargoed Floristería Coquí, a florist shop in Toa Baja that had accumulated $51,841 in IVU taxes.

“With this latest round, we have carried out embargoes on 102 businesses owing a total tax debt of more than $44 million,” Zaragoza noted. “These embargoes are part of ongoing efforts that the Treasury Department is carrying out against tax evasion.”

After a business is embargoed, its owners have up to 30 days to pay off the tax debt; otherwise, the embargo is executed and the property is put up for public auction.

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