On May 6, Ford and Lincoln inaugurated a new technical training center in the University of Puerto Rico’s Carolina campus.
Puerto Rico individual and corporate taxpayers who have a sales and use tax (known as IVU for its initials in Spanish) debt with the Treasury Department will be able to pay without penalty through a tax amnesty good through June 30. The agency expects to collect $8 million through the initiative, Treasury officials said Monday.
The Municipality of Guaynabo is setting aside $85 million to build a 200-room hotel adjacent to the Mario Quijote Morales Coliseum, Mayor Héctor O’Neill told this media outlet last week.
Worried about the potentially harmful effects that eliminating the business-to-business sales tax exemption would have on their businesses, retail executives recently concluded that if the Treasury Department want to increase its revenues, it needs to “correct and streamline” the process of capturing the sales and use tax to collect from evaders.
Despite the challenges Puerto Rico’s insurance industry has faced related to new federal health regulations and local tax changes, it remains one of the local economy’s strongest sectors and industry members continue to develop products and services in benefit of consumers.
Puerto Rico Treasury Department officials told lawmakers Friday that collections stemming from the proposed increase in the excise tax on cigarettes and tobacco should go in their entirety to the General Fund and not distributed for other purposes, as proposed by the three measures under consideration by the Legislature.
The Federal Communications Commission is looking to expand the availability of in-flight broadband connectivity to airline passengers by proposing the establishment of an air-ground mobile broadband service system to communicate with planes, while taking advantage of technical innovations to expand sharing of certain spectrum among users.
United Airlines announced that it will begin daily flights from San Juan to its hub in the Chicago O’Hare International Airport on Nov. 5.
A.M. Best Co. has upgraded Guaynabo-based Trans-Oceanic Life Insurance Company’s issuer credit rating (ICR) to “bbb+” from “bbb” and affirmed the financial strength rating of B++. The outlook for the FSR is stable, while the outlook for the ICR has been revised to stable from positive.
Walmart Puerto Rico is sponsoring a six-week fundraising effort at all of its local stores, including Sam’s Club, Amigo and Súper Ahorros locations, in benefit of the San Jorge Children’s Foundation, the local member of the Children’s Miracle Network Hospitals group.
The Puerto Rican government’s proposal to eliminate the business-to-business sales tax exemption is not a good idea and does not guarantee the $800 million in new revenue Gov. García-Padilla’s administration has predicted, because oversight and collections related to these transactions is a difficult task to achieve, Economist José J. Villamil said Thursday.
The governments of Puerto Rico and the Dominican Republic inked an agreement Thursday establishing a bilateral strategy that should spur projects to benefit both islands in education, agriculture, energy costs and tourism, Secretary of State David Bernier announced.
Specialty Coffee Institute of the Caribbean, the island’s first university-run coffee tasting laboratory, was inaugurated Thursday at the University of Puerto Rico in Utuado, with the goal of fostering the development of high-quality coffee.
National Shipping of America announced Wednesday the start of the “Isla Verde Express,” a service that will connect Puerto Rico with the western United States via Houston every two weeks, staring May 29.
Government Development Bank President Javier Ferrer and Puerto Rico Treasury Secretary Melba Acosta- took off to New York Wednesday to meet with credit ratings agencies S&P, Fitch and Moody’s to continue informing on the administration’s efforts to stabilize the government's finances.
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