Full text of the IRS resolution on 4% excise tax credit
March 31, 2011
On Thursday, News is my Business obtained a copy of the notice the Internal Revenue Service sent to the government of Puerto Rico with regards to the federal credit granted for the 4 percent excise tax that went into effect in January.
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IRS confirms 4% excise tax can be written off federal return
March 31, 2011
Local manufacturing companies subjected to the 4 percent excise tax imposed in January through Law 154 may want to breathe a sigh of relief, as the Internal Revenue Service has confirmed that they will be able to take a credit on their federal income tax returns for the amount paid in Puerto Rico.
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American Eagle facing hefty FAA fine
March 30, 2011
Executive Airlines, which serves the Caribbean out of San Juan as American Eagle, is facing a $550,000 fine from the Federal Aviation Administration for failing to complete appropriate inspections on several aircraft.
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BPPR to sponsor luxury property auction in May
March 30, 2011
New York-based real estate auctioneer Sheldon Good & Co. and Banco Popular de Puerto Rico announced Wednesday an upcoming joint auction of 101 luxury residences and villas located in five developments throughout the island.
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$40M hotel/commercial complex planned for Laguna area
March 29, 2011
A $40 million mixed-use project is in the works for the Laguna Shopping Center area in Carolina that calls for developing a trio of multi-story towers to be split between hotels and commercial spaces.
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British Airways revives connection between UK, P.R.
March 29, 2011
British Airways made its return to Puerto Rico after an 11-year absence with an inaugural flight that carried 280 passengers into Luis Muñoz Marín Airport in Carolina on Monday and once again joined the two islands.
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Gov’t focuses on women entrepreneurs, grants $3.3M in loans
March 28, 2011
Local women entrepreneurs were the focus of the government’s attention Monday, when Gov. Luis Fortuño met with a small group to “acknowledge the vital role they play in boosting our economy.”
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Banco Santander Puerto Rico again included in list of best emerging banks
March 27, 2011
For the fourth time in the past five years, Banco Santander Puerto Rico has landed a spot on the list of “Best Emerging Market Banks in Latin America,” a ranking published by the editors of Global Finance magazine that includes 23 countries in Central and South America and the Caribbean.
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Latin American McDonald’s owner plans $1B IPO
March 25, 2011
Arcos Dorados Holdings Inc., parent company of Puerto Rico’s McDonald’s restaurant chain, announced Friday its planned debut as a public company on Wall Street with an initial public offering of nearly 62.5 million Class A shares to be listed on the New York Stock Exchange.
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Gov’t housing incentive program moves more than $1.7B in property sales
March 24, 2011
With just three months left before the government’s housing incentives program comes to an end, Housing Finance Authority Executive Director George Joyner urged consumers looking to buy a property to avoid waiting until the last minute.
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Ferry operator asks Obama administration to approve passenger service to Cuba
March 23, 2011
Miami-based United Americas Shipping Services Inc. asked the federal government Wednesday to allow ferry service to Cuba to compete freely with air carriers in transporting U.S. travelers to the communist island nation.
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P.R. to host large-scale library association convention
March 23, 2011
The International Federation of Library Associations and Institutions, or IFLA, will be holding its 77th annual convention in San Juan, Aug. 13-18, an event that is expected to draw thousands of participants and represent an economic boost to the island estimated at $6 million.
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Sustainable tourism seminars slated for Vieques, Culebra
March 23, 2011
Playa Esperanza in Vieques Hoteliers and small-inn owners in Vieques — who have seen their occupancy rates drop by 14 percent during the first eight months of the current fiscal year — are being offered the chance to participate in a two-day training workshop that the Puerto Rico Tourism Company has scheduled to promote sustainable […]
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New Ports fee raises concerns over potential increase in cost of goods
March 23, 2011
Ports Executive Director Alberto Escudero (Credit: © Mauricio Pascual) Maritime shippers will begin paying a new “enhanced security fee” over cargo brought into the San Juan port starting next week, which Ports Authority Executive Director Alberto Escudero defended Wednesday, amidst criticism and concern from local trade organizations and politicians. During his first press conference since […]
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SBA selects Dorado entrepreneur as P.R.’s ‘Small Business Person of the Year’
March 23, 2011
The U.S. Small Business Administration has selected pharmacist Mariely Díaz, president and CEO of Optima Fusion Pharmacy Inc. in Dorado, as Puerto Rico’s Small Business Person of the Year, the agency announced Tuesday. She, along with winners from across the 50 United States, the District of Columbia, the U.S. Virgin Islands and Guam, will be […]
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