Thursday, January 20, 2022

Treasury Conducts 1st Tax-evasion Operation of 2016

By on January 8, 2016

SAN JUAN – Treasury Secretary Juan Zaragoza said Friday that his agency has conducted its first business interdictions of 2016, in five Taco Maker locations in Carolina, Ponce and Toa Baja, which owed approximately $2.2 million.

“During this operation, interventions took place at five corporations  belonging to a fast food restaurant chain that were in noncompliance with their obligation to remit money to the Treasury Department, which they had in a fiduciary capacity, including the withholding of the sales and use tax [IVU by its Spanish acronym],” Zaragoza stated.

Internal revenue and tax-evasion agents, along with specialists, embargoed two locations in Carolina with debts of about $847,000, mainly for not remitting the IVU. The same was the case with a corporation in Toa Baja, which accumulated debt of around $66,000, mostly for not sending the withheld IVU to Treasury.

In Ponce, the agency embargoed two corporations with debts of about $1.3 million, mainly for not sending the IVU.

“In this new year, we continue our collection efforts so businesses fulfill their responsibility of remitting the funds that belong to the state,” the secretary said.

The embargoes and closures of locales are preventive in nature and are conducted to ensure the recovery of debt to the commonwealth, a Treasury says a statement released Friday. After 30 days from the date of notification, businesses will be embargoed if their debt hasn’t been paid in full. After that period, property that was seized will be sold at public auction as soon as possible, without further notice, Treasury warns.

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