The Government of Puerto Rico has submitted tax reform legislation, the Taxation System Transformation Act, to the Legislative Assembly. The legislation includes setting the rate of the proposed goods and services tax (GST) at 16%.
The GST, a value added tax, would replace Puerto Rico's current 7% sales and use tax. According to reports, the government intends to have the new GST apply once the legislation is enacted, which could be as early as 1 April 2015.
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