Puerto Rico Gov. Ricardo Rosselló announced that the Fiscal Agency and Financial Advisory Authority acting on behalf of the Puerto Rico Electric Power Authority has reached an agreement in principle regarding an enhancement of the terms of the restructuring support agreement with the Ad Hoc Group of PREPA bondholders, its fuel line lenders, the monoline insurers and the Government Development Bank for Puerto Rico.
Moody's Investors Service on Wednesday lowered the ratings on debt of the Government Development Bank and five other Puerto Rico issuers, with a total of approximately $13 billion outstanding.
Looking to double its client base at the local level and export its services internationally, Internet Vision Development (INVID) has signed a financing agreement of $377,000 with the Puerto Rico Economic Development Bank, company and bank officials said Wednesday.
The Puerto Rico Treasury Department unveiled Monday a new initiative called the “Taxpayer Rehabilitation Program,” to encourage citizens to meet their tax responsibilities by granting payment plans.
The Puerto Rico Treasury Department favored Monday a bill that would give it the tools to Sales and Use Tax on sales of taxable products in Puerto Rico sold online by businesses without physical presence on the island.
The Subcommittee on Indian, Insular and Alaska Native Affairs held an oversight hearing on the status of the Puerto Rico Electric Power Authority Restructuring Support Agreement, pressing for certain specifics the island’s top administrators could not provide.
The Congressional Subcommittee on Indian, Insular and Alaska Native Affairs will hold a hearing today on the status of the Puerto Rico Electric Power Authority Restructuring Support Agreement, which is set to expire Mar. 31.
Puerto Rico Treasury Secretary Raúl Maldonado said Monday that net revenues recorded in the General Fund totaled $776.6 million in February.
The Department of Economic Development and Commerce announced Sunday the signing of an agreement of understanding between a local and a China-based company to develop recycling projects with an associated investment of $20 million.
A framework for the legal sale of medical cannabis would generate a new source of revenue for Puerto Rico, to the tune of $14 million a year in sales tax revenue for the Treasury Department, an agency official told lawmakers Tuesday.
Representatives from a cross-section of the economy expressed their opinions Monday in the wake of the the Financial Oversight and Management Board for Puerto Rico approval of the fiscal plan the island’s government must follow to shore up liquidity and fund essential services.
Puerto Rico’s Resident Commissioner in Washington, Jenniffer González-Colón, has filed legislation to extend indefinitely the application of Internal Revenue Code Section 199 in Puerto Rico, together with co-sponsors congressmen Carlos Curbelo (R-Florida 26), John Lewis (D-Georgia 5) and José Serrano (D-NY 15).
U.S. Congressional Committees moved Thursday to close a decades-old loophole that critics say has caused significant financial losses for many Puerto Rican investors and retirees.
The government of Puerto Rico released an administrative order Tuesday suspending some $1.8 billion in special assignments and tax credits, in an attempt to bridge budgetary gaps.
The Puerto Rico Planning Board revised the island’s macroeconomic data for the end of fiscal 2016, reflecting a decrease in the Gross Domestic Product of 1.1 percent.
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