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We approach each audit with sharp thought, straight talk and common sense. In addition to verifying that financial results are fairly presented and meet...
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Financial statements audits
Financial statement audits
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Compliance audits
Compliance audits
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Compilations and reviews
Compilations and audit
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Agreed-upon procedures
Agreed-upon procedures
At Kevane Grant Thornton, tax is a key part of our organization and our award-winning teams can offer you a range of solutions, whatever the size of your...
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Corporate and business tax
Our trusted teams can prepare corporate tax files and ruling requests, support you with deferrals, accounting procedures and legitimate tax benefits.
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International tax
Our teams have in-depth knowledge of the relationship between domestic and international tax laws.
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Tax compliance
Business Tax
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Individual taxes
Individual taxes
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Estate and succession planning
Estate and succession planning
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Global mobility services
Through our global organisation of member firms, we support both companies and individuals, providing insightful solutions to minimise the tax burden for both parties.
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Sales and use tax and indirect taxes
SUT/ VAT & indirect taxes
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Tax incentives program
Tax incentives program
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Transfer Pricing Study
The laws surrounding transfer pricing are becoming ever more complex, as tax affairs of multinational companies are facing scrutiny from media, regulators and the public
As your business grows, our advisory services are designed to help you achieve your goals. Successful growth often means navigating a complex array of...
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Business consulting
Our business consulting services can help you improve your operational performance and productivity, adding value throughout your growth life cycle.
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Forensic and investigative services
At Grant Thornton, we have a wealth of knowledge in forensic services and can support you with issues such as dispute resolution, fraud and insurance claims.
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Fraud and investigations
The commercial landscape is changing fast. An ever more regulated environment means organizations today must adopt stringent governance and compliance processes. As business has become global, organizations need to adapt to deal with multi-jurisdictional investigations, litigation, and dispute resolution, address the threat of cyber-attack and at the same time protect the organization’s value.
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Dispute resolutions
Our independent experts are experienced in advising on civil and criminal matters involving contract breaches, partnership disputes, auditor negligence, shareholder disputes and company valuations, disputes for corporates, the public sector and individuals. We act in all forms of dispute resolution, including litigation, arbitration, and mediation.
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Business risk services
We can help you identify, understand and manage potential risks to safeguard your business and comply with regulatory requirements.
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Internal audit
We work with our clients to assess their corporate level risk, identify areas of greatest risk and develop appropriate work plans and audit programs to mitigate these risks.
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Service organization reports
As a service organization, you know how important it is to produce a report for your customers and their auditors that instills confidence and enhances their trust in your services. Grant Thornton Advisory professionals can help you determine which report(s) will satisfy your customers’ needs and provide relevant information to your customers and customers’ auditors that will be a business benefit to you.
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Transactional advisory services
Transactions are significant events in the life of a business – a successful deal that can have a lasting impact on the future shape of the organizations involved. Because the stakes are high for both buyers and sellers, experience, determination and pragmatism are required to bring deals safely through to conclusion.
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Mergers and acquisitions
Globalization and company growth ambitions are driving an increase in M&A activity worldwide as businesses look to establish a footprint in countries beyond their own. Even within their own regions, many businesses feel the pressure to acquire in order to establish a strategic presence in new markets, such as those being created by rapid technological innovation.
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Valuations
We can support you throughout the transaction process – helping achieve the best possible outcome at the point of the transaction and in the longer term.
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Recovery and reorganization
We provide a wide range of services to recovery and reorganisation professionals, companies and their stakeholders.
Our outsourcing services allow you to save time and money in order to concentrate on the competencies and the core business activities.
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Tax Insights
Application of Sales and Use Tax to the medical cannabis industry
07 Aug 2017Act 42-2017, was enacted on July 9, 2017 to establish the statutory framework applicable to the Medical Cannabis industry. To provide guidance on the provisions of the sales and use tax (SUT) as they relate to this industry, the Puerto Rico Treasury Department issued Administrative Determination 17-0 (DA 17-0) on July 20, 2017.
Following we provide five basic questions and answers that will give you a head start to the new procedures.
What is covered?
Medical Cannabis is defined as:
- all compound, derived product, mix or preparation of all parts of the Cannabis Sativa and Cannabis Indica plants.
- it also includes any hybrid of the plants, seeds, flowers, or resin. However, it does not include the adult or mature stems.
How is it treated for SUT?
DA 17-06 states that the Medical Cannabis and its derivates are a taxable item for sales and use tax purposes in Puerto Rico. It is not covered by any of the following exemptions:
- food or food ingredients
- prescription medicines
- bona fide farmers
- articles for manufacturing
- machinery and articles used in health services
What requirements apply?
Merchants in this industry, must comply with all registrations, filings and payments as they apply to all merchants:
- Merchants’ Registry
- fiscal terminal requirements
- filing of monthly sales and use tax and imports returns
- deposit of SUT
- payment upon importation of taxable items
- display in receipts of the sales price separate from the state and municipal SUT.
What NAICS apply?
According to DA 17-06 the following are the possible applicable NAICS:
| NAICS | Description | Commercial Activity |
| 11141 | Food crops grown under cover | Farming |
| 42459 | Other farm product raw material merchant | Product |
| 45399 | All other miscellaneous store retailers | Dispensaries |
| 54138 | Testing laboratories | Laboratory quality tests |
| 48422 | Specialized freight (except used goods) trucking, local | Transportation |
Those merchants that are already registered, must verify and or change their NAICS to one of the above on or before August 31, 2017. A penalty of $500 may be imposed in case of failure to update the NAICS.
When is DA 17-06 effective?
The provisions of DA 17-06 are effective immediately.
Please contact our Tax Department should additional information is required regarding this or any other tax issue. We will be glad to assist you.
Also appears under...