Proposals to reduce the tax burden by more than $500 million for individuals and corporations in Puerto Rico were revealed Monday by the island’s governor and Treasury secretary. The amendments sought also include measures to simplify the tax system.
Pierluisi said the change would essentially eliminate the Value Added Tax “features that our current system has and brings us closer to being able to achieve a pure sales tax system.”
The new exemption system would entail a mechanism for reporting “inventory sales to resellers and create a digital Exemption Certificate for merchants who import or purchase inventory for resale,” the governor said.
Source: newsismybusiness.com
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