Puerto Rico passes sales tax

Puerto Rico’s Senate approved a bill, with amendments, that increases the cash-strapped island’s sales tax, potentially raising revenue that will help balance the fiscal 2016 budget.The Senate passed the measure Monday in a 14-12 vote, with an amendment to exempt certain foods. The bill would raise the levy to 11.5 percent from 7 percent through March, after which it would transition into a value-added tax.Lawmakers need to pass a balanced budget by June 30 and the commonwealth is on the hook for a $630 million payment to bondholders July 1. - See more at:

Puerto Rico passes sales tax