VAT news tagged as "Sales and Use Tax"

Puerto Rico

Puerto Rico Senators block VAT introduction

May 27th, 2016

The plan to introduce 10.5% VAT in Puerto Rico in June 2016 has been thrown into confusion. Senators yesterday approved a Bill to strike down the Governor’s plans to replace the existing 4% Sales & Use Tax next month. The indirect tax regime change over would have raised much-needed funds to help manage a multi-billion …

Puerto Rico

Puerto Rico VAT 10.5% June 2016

May 19th, 2016

The Puerto Rican Treasury Department has confirmed further details on the new VAT regime to be introduced. The new VAT rate will be 10.5%. The implementation date will be 1 June 2016, and will replace the existing Sales & Use Tax. The VAT registration threshold will be $125,000. The current Municipal Tax of 1% will …

United States

US VAT dead for 10 years?

May 4th, 2016

Does the news from the US this morning means no VAT in the US for at least 10 years? Presidential candidate, Ted Cruz, has dropped out of the US Republican Nomination race. He was the only remaining candidate to be seriously proposing a VAT-like tax for the US. Although his version was not as close to …

Puerto Rico

Puerto Rico launches VAT April 2016

January 22nd, 2016

Puerto Rico has reconfirmed that it will replace its existing Sales and Use Tax with Value Added Tax on 1 April 2016. However, details over processes and forms still remain casting doubt on this latest launch date. The Puerto Rican tax authorities confirmed a phased launch of VAT, starting with a general regime covering liabilities, …

Puerto Rico

Puerto Rico relaunches VAT at 11.5% for 2016

May 16th, 2015

The government of Puerto Rico has reached a new compromise in an attempt to reverse the decision to abandon the implementation of VAT. The introduction of VAT is seen as a key reform as the country struggles to bring its deficit and debt levels under control. The new plan will include an increase in the …

Puerto Rico

Puerto Rico may introduce VAT 2016

February 15th, 2015

Further details of the new potential VAT regime in Puerto Rico have been proposed in the Taxation System Transformation Act. This includes a standard VAT rate of 16%. The current Sales and Use Tax (SUT) rate is 7%. The Gross Receipts Tax is also being abolished. Broadening the tax base with VAT VAT will aim …

Puerto Rico

Puerto Rico to implement VAT 2016

January 17th, 2015

Puerto Rico is planning to replace its existing Sales & Use Tax with a full Value Added Tax regime. The aim is to rebuild tax revenues as the current tax system is viewed as too complex and too heavy an administrative burden for companies and retailers – and places too much focus on the consumer …