On 31 May 2017, Puerto Rico Governor Ricardo Rosselló presented the budget for the 2018 fiscal year. As announced by Rosselló, tax-related measures of the budget include a reduction in the B2B sales tax from 4% to 2% and a reduction in the individual income tax burden by USD 200 million through an expansion of the individual income tax brackets and reduction in the effective rate. The budget is subject to approval by the legislature, as well as the Financial Oversight and Management Board, which was established to oversee Puerto Rico's fiscal plan to address its major debt issues.
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