Ivu

Ivu or IVU may refer to:

Ice shove

An ice shove, ivu, or shoreline ice pileup is a surge of ice from an ocean or large lake onto the shore. Ice shoves are caused by ocean currents, strong winds, or temperature differences pushing ice onto the shore, creating piles up to 12 metres (40 feet) high. Some have described them as 'ice tsunamis', but the phenomenon works like an iceberg. Witnesses have described the shove's sound as being like that of a train or thunder. Ice shoves can damage buildings and plants that are near to the body of water.

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References

Puerto Rico Sales and Use Tax

The Puerto Rico Sales and Use Tax (SUT) —Spanish: Impuesto a las Ventas y Uso (IVU)— is the combined sales and use tax applied to most sales in Puerto Rico. The tax is composed of two portions: 1.5% that belongs to the municipality where the sale was executed and 5.5% that belongs to the state government. Furthermore, half of the portion that belongs to the state government is destined to the Urgent Interest Fund Corporation (COFINA) to pay the public debt of Puerto Rico; thereby making it a three-tier tax.

History

On July 4, 2006, the government approved Law Number 117, The 2006 Contributive Justice Law, establishing a tax with a 5.5% rate at state level and an optional 1.5% rate at municipal level. The tax went into effect on November 15, 2006. The tax is better known as the Sales and Use Tax' (Impuesto sobre Ventas y Uso), often referred to by its Spanish acronym "IVU". The law amended Article B of the Code and created sub-article BB. On July 29, 2007, the government approved Law Number 80, making the tax mandatory for all municipalities of the island. Also the tax rates changed to 6% at the state level and 1% at the municipal level.