Is Your AP Department Ready for Puerto Rico VAT?

April 5, 2016

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Effective April 1, 2016, Puerto Rico has begun applying a 10.5 percent value-added tax (VAT) to a wide range of goods and services—the Impuesto de Valor Añadido (IVA). The legislation, Act 72-2015, also contains corresponding changes to sales and use tax. On June 1, 2016, phase two of the law will take effect, the mechanism...

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