Puerto Rico Governor Seeks New Value-Added Tax

February 10, 2015 11:01 PM

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Puerto Rico's governor has unveiled details of his plan to overhaul the island's tax system, including the creation of a new 16 percent value-added tax.

Gov. Alejandro Garcia Padilla said Tuesday in a pre-recorded televised message that he would file the measure Wednesday as he seeks to generate more government revenue amid an eight-year recession.

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