VAT news tagged as "SUT"

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 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 …