Puerto Rico monthly and quarterly returns Instructions 1. Based on the quarterly returns and sales tax, identified in the resources required at the beginning of the module. 2. Answer the following questions: I. What is the IVU and what is its current rate in Puerto Rico? II. Where should the monthly IVU return be filed and in what form? III. What information does the person who completes the IVU form need to file? Mention what is included as gross sales. IV. V. VI. VII. VIII. IX. X. XI. XII. XIII. XIV. XV. XVI. XVII. XVIII. Indicates what deductions a merchant is entitled to when filling out the monthly IVU return. Define what are exempt sales and indicate what is included. What is the definition of taxable items? Indicates what can be considered in the deduction for returns. Are there credits that can be taken in the monthly IVU return? Indicate which ones. Mention the corresponding penalty for fraudulently claiming credits. Mentions transactions that are subject to sales tax. What penalty would apply to a merchant who collects sales tax and does not pay it to the Department of the Treasury? On what dates should the IVU return be filed? Explain the process for preparing quarterly returns. On what dates should the quarterly returns be filed and when should the payment be made? Mention the penalty to which a company is exposed for failing to pay or deposit the tax deducted and withheld on wages. Indicates the categories of depositors in relation to the quarterly return. Who must file the quarterly return?