Oversight board draft legislation draws tepid support
March 30, 2016
The U.S. House Committee on Natural Resources, chaired by Rob Bishop (R-UT). released a draft legislation on Puerto Rico’s economic crisis Tuesday, proposing an oversight board that will, among other things, audit the government and its corporations.
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AGP lobbies Congress to act on P.R. fiscal crisis
March 18, 2016
Two weeks ahead of U.S. House Speaker Paul Ryan’s March 31st deadline to craft a responsible solution for Puerto Rico’s fiscal and economic crisis, Gov. Alejandro García Padilla held daylong meetings Thursday on Capitol Hill with Congressional leaders to urge "swift action" in enacting the necessary legislation to address the island’s crisis.
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Treasury: Feb. revenue at $767.5M, below estimates
March 17, 2016
Puerto Rico’s General Fund revenue collections totaled $767.5 million in February, reflecting a $58.2 million increase compared to February 2015, and $34.1 million above revised estimates.
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PREPA extends contract with AlixPartners for $9.1M
March 16, 2016
The Puerto Rico Electric Power Authority announced Tuesday it has extended its contract with AlixPartners through Aug. 15, 2016, as the utility seeks to implement its ongoing comprehensive financial restructuring and operational transformation.
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Congressional lawmakers introduce bills to help P.R.
March 15, 2016
Sen. Bob Menendez (D-NJ) announced Monday he will introduce a comprehensive legislative package to provide Puerto Rico a real path to solvency through comprehensive reforms, backed by three other lawmakers.
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Lawmaker pushes to ‘re-reform’ P.R. tax structure
March 9, 2016
House Finance Committee Chair Rafael “Tatito” Hernández proposed Tuesday the full elimination of the value-added tax slated to go into effect on June 1, while unveiling a package of measures that would essentially “re-reform” Puerto Rico’s tax structure to provide balance.
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Compulsory electronic tax filing to save Treasury $5M
March 4, 2016
Filing an individual paper tax return becomes outdated this April as Puerto Rico switches to compulsory electronic filing in a move that is expected to save the Treasury Department up to $5 million in expenses, according to one of its top officials.
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EDB cements efforts to support P.R. microenterprises
February 24, 2016
As part of an economic development initiative with special focus on business development in special communities, as well as to promote the establishment of a model toward economic self-sufficiency, the Economic Development Bank and the Office the General Coordinator for Socioeconomic Financing (OFSA) formalized a partnership to establish a line of support for small businesses that sprouting in those areas.
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P.R. gov’t publishes draft of FY ’14 unaudited financials
February 17, 2016
The Puerto Rico Treasury Department released Tuesday a draft of the Commonwealth’s unaudited Basic Financial Statements for the fiscal year ending June 30, 2014, more than a year after their required release.
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PRASA board approves fiscal strategy for next 4 months
February 17, 2016
The Puerto Rico Aqueduct and Sewer Authority’s board of directors approved Tuesday a plan mapping out its finances through the end of the fiscal year that is anchored on the approval of the bill establishing a new credit-issuing entity that is already facing opposition.
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P.R. businesses bracing for B2B tax hike in April
February 8, 2016
On April 1, Puerto Rico will adopt a Value Added Tax (VAT) system and the island's advertising industry will fall in line with other business sectors in paying a tax for services from which it was temporarily exempted.
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Gov’t collects $26.4M from SUT on B2B in 4 months
February 8, 2016
Since going into effect last October, the Sales & Use Tax (SUT) on business-to-business (B2B) services has generated $26.4 million, the Puerto Rico Treasury Department reported.
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Congress must protect P.R’s ‘fragile’ health-care system
February 4, 2016
WASHINGTON — The prognosis for Puerto Rico’s health system is already critical and will only get worse if Congress doesn’t act fast, warned a panel of doctors and finance experts meeting on Capitol Hill this week.
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Ex-D.C. mayor: Solving PR’s fiscal crisis won’t be enough
February 3, 2016
Former Washington, D.C. Mayor Anthony A. Williams, who steered the nation’s capital from financial ruin to prosperity, told U.S. lawmakers Tuesday that solving the immediate fiscal crisis, while absolutely essential, will not alone be sufficient to bring Puerto Rico back to the position of economic self-sufficiency.
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PRASA to drain rate stabilization fund to pay $90M debt
February 2, 2016
The Puerto Rico Aqueduct and Sewer Authority is considering dipping into its rate stabilization fund to pay off $90 million due to creditors by month’s end, which would drain the reserve entirely, utility officials said Monday.
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