On 18 April 2016, Puerto Rico's Treasury Department issued Administrative Determination No. 16-07 on the transition from sales and use tax (SUT) to value added tax (VAT), which will be effective 1 June 2016. Key aspects of the transition include:
- The implementation of a new electronic system (Sistema Unificado de Rentas Internas - SURI) that must be used by taxpayers to electronically file monthly VAT returns, make VAT payments, and perform other VAT-related functions, and will eventually be…