Puerto Rico’s VAT plans was declined by lawmakers
Puerto Rico will no longer accept the value added tax, after lawmakers in the Senate voted in favor of the overthrow of the attempts of the governor of Puerto Rico, Alejandro Garcia Padilla, to veto the previously adopted law on the abolition. Puerto Rico was to introduce value added tax at the point of sales and use tax from 1 of June The Senate of Puerto Rico, May 5, 2016, unanimously supported the earlier legislation with the support of the lower house of Parliament on 2 May to prevent value-added tax from being introduced.. The governor then vetoed the legislation. However, the legislation is only necessary to collect two-thirds support to override this veto. May 26, 2016, the Senate voted to abandon plans for VAT 21 votes to 1. Author: Sergey Panovmanaging partner Finance Business...