Puerto Rico – Puerto Rico, At 11.5%, Has America’s Highest Sales Tax

Forbes.com by Scott Beyer – “On July 1, Puerto Rico raised its Sales and Use Tax (SUT) from 7% to 11.5%, through leadership from the legislature and Democratic governor Alejandro Garcia Padilla. 10.5% of this is imposed by Puerto Rico’s Department of Treasury, and the additional percent goes to municipalities. Together, the 11.5% rate is over two percentage points higher than Tennessee’s, which has the next highest state rate at 9.45%, and over one point above Chicago, which will soon have the highest rate for a U.S. mainland major city. In addition, Puerto Rico will soon charge a 4% rate on professional services. Insofar as such services are used to produce goods, this will be another, hidden tax for consumers. Starting in April of 2016, the SUT will transform into a Value Added Tax (VAT)–which taxes the broader chain of production–and this too will be set at 11.5%.”

Full Article:



https://saltcpa.com/ https://validate.saltcert.com/# https://saltcert.com/forms/