Puerto Rico’s New Tax Averted
You probably know this by now, but I just want to make sure that you do: The proposed new tax called “IVA” was not approved by the Puerto Rico House of Representatives. This means that, for now, there is no need to change or adapt your business accounting practices.
Neverthelss, do note that the Government of Puerto Rico has a serious cash flow problem which forces the Governor to make some tough decisions in the coming weeks. In my opinion, this means that the possibility of new taxes is likely.
Accordingly, business owners need to be on the lookout for how any chsnges affect our businesses and what we nwed to do to adapt to them.
Very truly yours,
Santiago F. Lampón