Ooooo doggie, did I strike gold. I found me a glory hole!
I was poking around on the Transformacionpr Web Site and found the risk assessment for the new Puerto Rico Tax Reform (PDF), prepared by KPMG. As an introduction to this new glory hole information, I offer you the top five threats to a successful implementation of the VAT (IVA) in Puerto Rico
- 1) Current Economic Instability - Yeah, this is pretty high risk, it's what we call a doozy.
- 2) Ad Hoc Legislative Changes - Already happening! So I'd also pretty high risk, like 100% likely.
- 3) Continued Culture of Tax Evasion - Funny how easy it was to find pertinent information about IVA evasion in other countries. Don't hear so much about that part of "other places use it too!" See the tale of the Scorpion and the IVA.
- 4) Inconsistent Enforcement Efforts - In a kleptocracy like ours, this is a given. This is almost certainly to go hand in hand with the the culture addressed above.
- 5) Population Loss - In the end, the true measure of the new tax reform is will it rescue the economy? Will it prevent the mass exodus of Puerto Ricans looking for greener pastures in a much evolved United States. Almost exclusively, when this happened before, many went to New York. Now much more of the US is ready to receive the flood of Puerto Rican refugees. Prediction: highly probable.