Act No. 160-2018
Updated: Feb 3
To amend Article 7 of Act No. 225-1995, as amended On July 27, 2018
To amend Article 7 of Act No. 225-1995, as amended On July 27, 2018, Governor of Puerto Rico signed H.R. Bill 263 into Act No. 160-2018.
This Act amends Article 7 of Act No. 225-1995, as amended, known as the “Law of Agricultural Incentives of 1995”, to establish a procedure to authorize the Secretary of the Treasury and the Secretary of Agriculture to classify the bona fide farmers of Puerto Rico and exempt them from the payment of contributions and taxes.
This Act orders the Secretary of the Treasury to adopt, in 90 days after the approval of the bill, the necessary measures and procedures to guarantee that bona fide farmers, that are duly certified, directly receive the excise tax exemption established in Act No. 225-1995. Such procedures should simplify the allowance of the tax exemption to all certified bona fide farmers. If the applicant gives false or fraudulent information he or she will be subjected to the penalties established in Article 269 of Act No. 146-2012, as amended, known as the Criminal Code of Puerto Rico.
If you have any questions about Act No. 160-2018 or the impact it may cause your company, feel free to contact us at your convenience at (787) 765-5656.