Is Your AP Department Ready for Puerto Rico VAT?

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...