On 24 January 2018, Puerto Rico's Fiscal Agency and Financial Advisory Authority published a draft version of a new fiscal plan. The draft provides a relatively broad overview of planned measures including that reforms will be implemented focusing on improved compliance to increase revenues while not raising taxes, as well as providing certainty for businesses operating in Puerto Rico in light of the U.S. tax reform. One area where specific changes are mentioned are in relation to the Sales and Use Tax (SUT), including the repeal of the 4% SUT rate for certain B2B professional services from 2020 with a reduction in the rate to 2% in 2019, as well as a reduction in the SUT on prepared foods from 10.5% to 6.0% in 2019.
Click the following link for the New Fiscal Plan for Puerto Rico.
We’re here to answer any questions you have about the Orbitax products and services.
We’re committed to providing high value, low cost tax research and management solutions.
Our Twitter account is where you can find latest information, news updates, offers and lots more.