Date: March 18, 2015
To create the “Law of Transformation to the Tax System of the Commonwealth of Puerto Rico”, also known as the Internal Revenue Code of 2015, for the purpose of establishing a tax system into a simpler, fairer, more effective, broad-based one that is easy to oversee and promotes economic development; to significantly reduce income contribution rates to individuals and corporations; to eliminate sales and use tax; to establish a value added tax; to establish transitional provisions for repeal of Act No. 1-2011, as amended, known as the Puerto Rico Internal Revenue Code of 2011; for other related purposes.


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