Monday, October 26, 2020

Treasury Closes Auto Parts Business Over $90,000 Debt

By on July 15, 2016

SAN JUAN – Treasury Secretary Juan Zaragoza Gómez said Friday that another business was shuttered for not remitting collected sales and use tax (IVU by it Spanish acronym) and employer withholdings to the agency.

Parts and accessories wholesaler Auto Pros LCC in Cataño owes Treasury $91,102.14 in IVU and $419.19 in retained payroll withholdings.

Treasury Secretary Juan Zaragoza

Treasury Secretary Juan Zaragoza

“I have to remind business people that Treasury is committed to enforcing the dispositions of the law and making sure there is fair competition in the sector. In addition to any legal action–such as the imposition of fines, interest or penalties–not collecting IVU or collecting it and not remitting it to Treasury constitutes a crime because it concerns public funds,” the official said.

Treasury reiterates that the embargoes and closures are preventive in nature and are carried out to ensure collection of the debt. Thirty days after notifying the debtor, the agency carries out the business-closure operation if the debt has not been paid or challenged in the Court of First Instance. Foreclosed property is sold at public auction “as soon as possible” following the embargo.

Since November, when Treasury’s crackdown began, it has embargoed 126 businesses that owed a combined $48 million, mainly in unremitted IVU.

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