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Puerto Rico To Cut Motor Vehicle Excise Tax Rates

by Mike Godfrey, Tax-News.com, Washington

06 November 2014


Governor Alejandro García Padilla has sent a bill to the Puerto Rican legislature that would reduce by ten percent the excise tax applicable to motor vehicles.

Padilla's move comes after falling car sales for most of this year, after the introduction of higher tax rates and the continued economic recession.

Explaining his proposal, the Governor pointed out that: "Sales of new vehicles not only benefits the Puerto Rican economy, but also promotes savings for normal citizens as they can purchase more efficient vehicles at a more economical price."

The measure would cover new and used automobiles delivered after October 31, 2014.

TAGS: tax | business | law | excise duty | legislation | tax rates | Puerto Rico | retail

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