Tax & Accounting Blog

Puerto Rico Enacts Comprehensive Tax Reform

Puerto Rico Enacts Comprehensive Tax Reform

After years of attempts to find increased revenue, the Puerto Rico legislature enacted act 72-2015 on May 29, 2015 (“Act 72-2015”), which amends various sections of the 2011 Internal Revenue Code, as amended, adding Subtitle DD titled “Value Added Tax”.This legislation makes Puerto Rico the first United States territory to adopt a comprehensive Value Added Tax … Read More