Representatives from Puerto Rico’s telecommunications sector presented a united front Tuesday against the proposed elimination of the business-to-business tax exemption, saying “far from helping the island solve its fiscal problems, it will trigger a double-digit increase in the price of products, services, operating expenses and the cost of living in general.”
The Puerto Rico Treasury Department is currently working on a number of enforcement and automation initiatives to increase the island’s sales and use tax uptake from the current 68 percent while attacking the government’s fiscal shortfall, agency Secretary Melba Acosta told participants of the Puerto Rico Credit Conference Friday.
The head of the Puerto Rico Society of CPAs expressed concern Wednesday over the changes the current administration is proposing to the sales and use tax structure, specifically, the elimination of the business-to-business exemption.
A Dow Jones/Factiva content provider since 2014
Subscribe to our Dollars & Sense podcast!
