Tuesday, January 31, 2023

Treasury Executes More Interventions for Over $750,000 in Debts

By on March 21, 2016

SAN JUAN – Treasury Secretary Juan Zaragoza has announced that the agency has conducted two embargo operations, one on Friday and one Monday, against five businesses that combined accumulated more than $750,000 in tax debt.

As part of Monday’s operation in Río Piedras, Powerline Electrical Products and Power Trans, belonging to the same owner, were seized. Powerline Electrical Products, which is dedicated to the manufacture and distribution of electrical equipment, accumulated some $310,000 in sales-and-use tax (IVU by its Spanish acronym) and corporate income tax debt, as well as withholding the employer’s contribution and the 7 percent on professional services.

Meanwhile, Power Trans, a billing and electrical equipment distribution company, was intervened with for owing the agency about $155,000 in withheld IVU and employer’s contribution.

Also intervened with Monday were Felino Corp.’s warehouses in Guaynabo and Carolina, and one of its stores, Totto, which sells bags, handbags and clothing in a commercial center of Guaynabo, owes the agency about $90,000 in withheld IVU and income tax.

“At the Treasury Department, we will continue to use all the tools the law allows us to fight tax evasion. We’re achieving behavioral change in taxpayers; conveying the message that nonpayment has consequences. This Treasury Department will not rest in its fight to enforce tax laws and take this country forward,” Zaragoza said in Monday’s statement.

During Friday’s operation, a Bayamón auto parts and accessories company, General Motriz, was embargoed for owing IVU, income tax and employer contributions totaling $150,000. In addition, Jorge Wholesale Flowers was intervened in Caguas for owing $55,000 in withheld IVU.

According to Treasury, some 65 establishments have been impacted to date for owing a combined tax debt of more than $31 million.

The business seizures, or closures, are preventive in nature and are conducted to guarantee collection of the debt with Puerto Rico. Thirty days after notification, the seizure of property, or part of it, will be conducted, or will be sold at public auction, “as soon as possible, without further warning,” Treasury says every time it announces these operations.

 

You must be logged in to post a comment Login