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.
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.
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.
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.
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.
Filing an individual paper tax return becomes outdated this April as Puerto Rico switches to compulsory electronic filing in a move that is expected to save the Treasury Department up to $5 million in expenses,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.
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.
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.
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.
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.
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.
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.
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.
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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