Monday, October 26, 2020

Treasury Closes Down 3 More Businesses for Tax Debt

By on June 17, 2016

SAN JUAN – As part of Puerto Rico Treasury Department efforts to improve revenue collection, on Friday the agency carried out three more business closures due to owed taxes.

El secretario de Hacienda Juan Zaragoza responde preguntas a los miembros de la Comisión

Treasury Secretary Juan Zaragoza

Treasury Secretary Juan Zaragoza said that during the operation, a company dedicated to the sale and installation of closets, an air-conditioner sales and maintenance company, and a roofing materials store accumulated a combined tax debt of more than $333,554, of which approximately $319,369 are for owed sales-and-use tax (IVU by its Spanish acronym).

Zaragoza said that among the intervened businesses was Closet Ways, whose headquarters are in Carolina, and which owes Treasury about $118,184 in withheld IVU and returned transactions. Airmax was closed in Caguas for owing $120,714 in IVU and a returned check.

In Bayamón, Treasury also embargoed Advance Roofing Depot for not remitting to Treasury $94,656 in IVU.

“We reiterate our commitment to the people of Puerto Rico to enforce the provisions of the law and ensure fair competition among businesses,” Zaragoza said, adding there are serious consequences for tax evaders.

“In addition to any civil action, such as fines, interest or penalties, not collecting IVU or collecting it and not remitting it to Treasury is a crime, as these are public funds.”

To date, some 116 establishments have been embargoed for combined accumulated debts of more than $45. 5 million.

After 30 days of being notified by Treasury, the embargo will be executed if the debt is not paid in full. Seized property will be sold at public auction as soon as possible, without further notice.

 

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