According to recent reports, the Puerto Rican government is considering options to reform the territory's tax system. Changes being considered include: Replacing the 7% sales and use tax with a goods and services tax (GST), a value added tax, at a percentage rate in the mid teens Simplifying the individual income tax base and lowering top rates Simplifying the corporate tax base and reducing the number of corporate income tax payers by taxing small and medium-sized business as pass-through entities Repealing the gross profits tax (Patente Nacional) Reforming the temporary excise tax on manufactured goods Eliminating certain loopholes and tax...