The Puerto Rico Government Development Bank (GDB) warned Gov. Alejandro García-Padilla that without an approved tax reform and a budget adjusted to public spending and the island’s fiscal reality, the government could run out of money and shut down within the next three months.
Government Development Bank President Melba Acosta-Febo announced Wednesday the range of government banking services that are now available to public corporations, agencies and municipalities, essentially provided at no charge.
The Puerto Rico Economic Development Bank announced Wednesday it has spurred the creation of 217 new businesses since January 2013, through $22.3 million in approved financing.
The Puerto Rico Statistics Institute announced Monday plans to use a new method to collect information on households to measure unemployment in Puerto Rico.
The Puerto Rico Treasury Department collected $709.3 million in February for the General Fund, a figure that was up $39.4 million, or 5.9 percent when compared to the same month last year, and $6.5 million, or 0.9 percent, below estimates.
Saying that it "is a serious attempt to carry out a comprehensive change of the tax system,” the Center for a New Economy suggested during public hearings Wednesday that the reform should be put off until Puerto Rico’s adverse fiscal conditions improve.
Resident Commissioner Pedro Pierluisi re-introduced legislation Tuesday to make hospitals in Puerto Rico eligible to receive bonus payments under Medicare for becoming users of electronic health records, or e-records.
The U.S. House Judiciary Committee’s Subcommittee on Regulatory Reform, Commercial and Antitrust Law held a hearing Thursday on H.R. 870, known as the “Puerto Rico Chapter 9 Uniformity Act of 2015,” which drew a bi-partisan delegation from the island to express support for inclusion.
The Puerto Rico Planning Board informed that at the end of 2014 it had approved 52 location consultations, representing a future investment of $3 billion and the potential to create 25,000 jobs.
For the second time in less than a week, Puerto Rico’s credit rating has gotten slashed, this time by Moody's Investors Service, which downgraded the Commonwealth’s general obligation bonds and guaranteed debt to Caa1 from B2, its Sales Tax Financing Corporation (COFINA) senior and subordinate bonds, respectively, to B3 and Caa1 from Ba3 and B1, and the notes of the Government Development Bank, to Caa1 from B3.
A subcommittee of the House Judiciary Committee announced Thursday it will hold a hearing on House Resolution 870, known as the Puerto Rico Chapter 9 Uniformity Act of 2015, at 11:30 a.m. on Feb. 26th in Washington D.C.
House Speaker Jaime Perelló told Treasury Department officials during a hearing Wednesday that they need to “go back to the table” on certain aspects of the proposed tax reform, including the frequency with which consumers will receive rebates to mitigate the impact of the new 16 percent value-added tax structure.
Gov. Alejandro García-Padilla announced Wednesday the restructuring of the Puerto Rico Treasury Department, as well as offered details of the administration’s proposed tax reform expounded in a 1,400-page bill submitted at the Legislature late in the day.
Puerto Rico Gov. Alejandro García-Padilla offered a televised speech Tuesday in which he outlined his proposal for overhauling the island’s current tax system to what he described as a “simpler and fair one.”
The Economic Development Bank for Puerto Rico recently unveiled two new financing options for local and federal government contractors, with the goal of promoting procurement, agency President Joey Cancel said.
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