The San Juan Daily Star
Legislators announce filing of CRIM bill to amend inventory tax
By The Star Staff
Lawmakers in the island House of Representatives announced Sunday that the Municipal Revenue Collections Center (CRIM by its Spanish acronym) filed a bill to amend the annual payment of the inventory tax.
“The main objective of the proposal is to increase the inventory of essential products in our jurisdiction without the unfair penalty of having to pay taxes for unsold inventory annually,” House Speaker Rafael “Tatito” Hernández Montañez said in a written statement.
“I have long fought for the elimination of the inventory tax, a taxation that not only makes product prices more expensive for consumers but also allows many items to become scarce, a situation that has a negative cascade effect on our economy,” added New Progressive Party (NPP) House minority leader Carlos “Johnny” Méndez Núñez. “During the last four-year term, we approved its elimination in the House. This measure is one of justice for taxpayers and will allow a reduction in prices without affecting municipal revenues.”
The bill amends Articles 7.148, 7.135, 7.136, 8.001 of Book 7 of Law 107-2020, as amended, known as the “Municipal Code,” in order to establish a new methodology for taxation of the contribution on the inventory line and the taxation on the value of the cost of the inventory sold based on an annual average.