Puerto Rico Governor Garcia Padilla Proposes 16% Value-Added Tax
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Puerto Rico Governor Alejandro Garcia Padilla, seeking to revive an economy that’s been struggling to grow since 2006, proposed a 16 percent value-added tax on goods and services to replace the 7 percent sales tax.
Officials estimate it would provide about $1.5 billion of additional revenue for Puerto Rico, depending on the final rate and types of exemptions, Treasury Secretary Juan Zaragoza Gomez said Wednesday in a telephone interview from San Juan.