The Treasury Department is responsible for implementing the new tax code. (Credit: Mauricio Pascual©) Following two days of marathon House and Senate sessions, both chambers approved the overhaul of the Puerto Rico Internal Revenue Code, through which the Fortuño administration has promised tax benefits to individuals and businesses to be funded mostly by a new […]
(Credit: Wikipedia Commons) While the local Legislature is pursuing a bill requiring restaurant chains with five or more locations on the island to publicly display the nutritional value of the meals they sell, the Food and Drug Administration on Friday postponed a similar menu labeling requirement it was looking to impose on stateside eateries. The […]
The GDB is analyzing the possibility of selling GO bonds this year.(Credit: Víctor Román) New York-based Fitch Ratings has assigned a “BBB+” rating to the Commonwealth’s outstanding $9.2 billion general obligation (GO) bonds, saying the outlook is stable. However, the long-term rating remains in Fitch’s lower medium grade classification, for a number of reasons. Its […]
Washington D.C.-based The Daily Caller on Tuesday zeroed in on the recently passed 4 percent tax on foreign corporations, saying it is has the makings of an "indirect bailout," as Fortuño administration officials seek to have the IRS allow affected companies to write off the new collective $6 billion business expense as a tax credit.
The U.S. Department of Treasury has yet to issue a decision on whether foreign companies doing business in Puerto Rico will be allowed to take a credit for the excise tax imposed through Law 154, which goes into effect this month.
After two years of staying away from such transactions, the Commonwealth is considering a sale of general obligation bonds sometime in 2011 to finance infrastructure projects, Government Development Bank President Carlos García said Tuesday. While the government official did not say when the sale would take place or how much the agency is looking to […]
In a last-ditch effort to raise cash this year, the Puerto Rico Electric Power Authority announced it will be selling $500 million in taxable Build America Bonds before the program’s Dec. 31 deadline to save $130.8 million over tax-exempt borrowing, company officials said Thursday. The rush move responds to the agency’s interest in saving 35 […]
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