Puerto Rico House to address calls to eliminate sales tax
SAN JUAN – Puerto Rico House Treasury, Budget and Promesa Committee Chairman Antonio Soto announced Tuesday that he will “responsibly” address concerns raised by several sectors, among them, the Restaurants Association (Asore by its Spanish acronym), which are requesting exemption from the sales and use tax (IVU by its Spanish acronym).
“Since last year, we have been analyzing different proposals that seek to simplify Puerto Rico’s tax system. That is why we are going to address these claims and we will file legislation responsibly to analyze it in conjunction with Tax Reform in order to strengthen each sector of Puerto Rico’s economy,” Soto said in a written statement.
Soto–who represents District 6 of Guaynabo, Cataño and Bayamón–said committee staff have met with the leaders of these sectors, including the president of Asore, to determine which solutions are viable and that harmonize their arguments with legislation that aligns with the administration’s policies.
“To that end, now with the start of this ordinary session, we will be evaluating proposing legislation to exempt food from the IVU, in addition to evaluating the sales and use tax in its entirety for a possible elimination of the tax,” he explained.
Soto added that “given the fiscal crisis the island is going through, now more than ever it is necessary to evaluate these recommendations. All these factors need to be reviewed to be able to push our economy forward, especially now that it needs it so much.”