Puerto Rico Senators block VAT introduction
- May 26, 2016 | Richard Asquith
The plan to introduce 10.5% VAT in Puerto Rico in June 2016 has been thrown into confusion.
Senators yesterday approved a Bill to strike down the Governor’s plans to replace the existing 4% Sales & Use Tax next month. The indirect tax regime change over would have raised much-needed funds to help manage a multi-billion dollar debt pile.
At present, the introduction of VAT will not happen on Wednesday 1 June.