Puerto Rico Repeals Remittance Tax

The Legislative Assembly of Puerto Rico has repealed Act 136-2014 (the Act), which amended the Money Service Business Regulatory Act to include a 2% remittance tax. The Act, approved in August 2014, introduced the remittance tax on every money transmission processed or completed electronically or by check, money order, fax, air transportation, or other means, from the jurisdiction of Puerto Rico. The repeal was approved by the House of Representatives on 21 September 2015 and by the Senate on…