The Governor of Puerto Rico introduced a legislative proposal representing a comprehensive new fiscal plan intended to spur economic growth and development. The plan proposes numerous tax changes, including a reduction of a number of sales tax rates.
Specifically, the Business to Business Services Rate would fall to 2% in 2019 and be completely eliminated by 2020. Likewise, the tax on prepared food would drop to 7%. The proposal is still in the very early stages of debate and is currently being considered by their Ways and Means Committee.
For a more detailed peek into the plan, please view the official document in English found at the following link: http://www.aafaf.pr.gov/assets/newfiscalplanforpr-01-24-18.pdf