The switch-over from a B2B IVU to a B2B IVA should not raise consumer prices nor costs to business, according to Economist Vicente Feliciano, president of Advantage Business Consulting.
On April 1, Puerto Rico will adopt a Value Added Tax (VAT) system and the island's advertising industry will fall in line with other business sectors in paying a tax for services from which it was temporarily exempted.
Several prominent Puerto Rican economists urged lawmakers on Monday to exempt educational institutions from the proposed 16 percent value-added tax being discussed as part of a sweeping tax reform for the island.
At the Puerto Rico Information Technology Cluster we believe that the potential success of the implementation of a value added tax system and how fair it could be for Puerto Ricans will depend largely on the strength of information systems that are launched to support it.
Gov. Alejandro García-Padilla announced Wednesday the restructuring of the Puerto Rico Treasury Department, as well as offered details of the administration’s proposed tax reform expounded in a 1,400-page bill submitted at the Legislature late in the day.
Puerto Rico Gov. Alejandro García-Padilla offered a televised speech Tuesday in which he outlined his proposal for overhauling the island’s current tax system to what he described as a “simpler and fair one.”
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