Puerto Rico Approves Law to Crack Down on Tax Evasion

Puerto Rico's governor has signed a law that requires service providers to accept at least two different types of payment in a push to crack down on tax evaders.

The law applies to anyone requiring a license or legal authorization to provide services. It is common for doctors, lawyers and others who work in the U.S. territory to accept only cash.

The Treasury Department now has three months to implement the measure that Gov. Alejandro Garcia Padilla approved Wednesday.

Puerto Rico's government currently has only a 56 percent "capture" rate on tax revenues that should be collected.

Puerto Rico Approves Law to Crack Down on Tax Evasion