According to recent reports, the Puerto Rican government is considering options to reform the territory's tax system. Changes being considered include:
- Replacing the 7% sales and use tax with a goods and services tax (GST), a value added tax, at a percentage rate in the mid teens
- Simplifying the individual income tax base and lowering top rates
- Simplifying the corporate tax base and reducing the number of corporate income tax payers by taxing small and medium-sized business as pass-through e…