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The Puerto Rican legislative intent is included in the revision- to raise revenue and keep the money in Puerto Rico
Any reason why?
see the text in the original post and link to the statute-its a form of capital control
Two percent tax levied by the Puerto Rican Legislature promoted the move.
That will do it!
Two percent tax levied by the Puerto Rican Legislature promoted the move.
The Puerto Rican Act that instituted the two percent tax states it as “necessary to establish recurring sources of income by imposing special charges on certain transactions carried outside and inside the jurisdiction of Puerto Rico..†…it is in the public interest to impose charges on transactions originated in the local jurisdiction involving assets that no longer circulate in the local economy (emphasis added)…â€
Two percent tax levied by the Puerto Rican Legislature promoted the move.
These type of government actions have precisely the opposite effect of what they are trying to achieve. They won't get more tax revenue as people will use other means of tranmistting money like bitcoin and alt currencies to avoid the tax.
Pay pal will no longer allow payments from Puerto Rico
https://smaulgld.com/pay-pal-pulls-out-of-puerto-rico/