The tax overhaul currently being discussed at the highest levels of government, based on an analysis by KPMG Accounting Services, would shore up as much as $6 billion a year for the public coffers, based on the application of a new 16 percent goods and services tax, according to the report released Wednesday.
Saying the Commonwealth failed to justify its reasons for not doing so, the San Juan Superior Court on Tuesday ordered the Puerto Rico Treasury Department to make public the report produced by KPMG Accounting Services that is being used to shape the upcoming tax reform.
The Local Redevelopment Authority for the former Roosevelt Roads Naval Base in Ceiba and Clark Realty Capital on Monday signed the agreement that marks the beginning of negotiations leading to the eventual adoption of the "Master Developer" contract, scheduled for June 30, government officials announced Monday.
The Puerto Rico Science, Technology and Research Trust is on schedule to announce the recipients of about $2.2 million in funding earmarked to fuel the development of projects by local scientists and researchers in a wide field of sectors, agency Executive Director Iván Ríos-Mena told this media outlet.
About 32 percent of Puerto Rico Electric Power Authority customers receive some sort of a subsidy on their monthly bills, which is floated by those who pay the full rate.
The Puerto Rico Treasury Department said Friday that collections for December 2014 totaled $854 million, or $71.2 million less than the same month in 2013, and $64 million below projections.
The Puerto Rico Planning Board released Wednesday the draft of the much-awaited Land Use Plan, which seeks to establish public policy for sustainable development on the island for the next decade.
The governments of Puerto Rico and the Dominican Republic signed Tuesday a series of bilateral agreements that seek to promote economic, academic, scientific, security, and cultural experiences between the two islands that share deep historical ties.
In accordance with its practice of regularly reviewing ratings on Rating Watch, credit ratings agency Fitch Ratings announced Wednesday it will maintain its “Rating Watch Negative” status on $3.4 billion of outstanding Puerto Rico Aqueduct and Sewer Authority senior lien revenue bonds.
The Puerto Rico Treasury Department announced Thursday that preliminary General Fund revenues totaled $452 million in November. This figure is $3 million, or 0.7 percent, below estimates, agency Secretary Juan Zaragoza-Gómez said.
Nine local trade organizations representing contractors, mechanics, architects and engineers, among others, raised a collective red flag of concern over the looming possibility of a shutdown of the Puerto Rico Highway and Transportation Authority, saying it would be “chaos” and would leave hundreds of workers on the street during the holiday season.
As part of a sweeping inter-agency effort, and backed by Code for America, government officials announced this weekend the birth of PrimerPeso.com, an online platform that aims to give start-ups and established small businesses in Puerto Rico the tools needed to access financing to launch or expand their operations.
Puerto Rico General Fund revenue collections reached $676 million in October, beating government estimates by $7 million. However, the results were $185.6 million less when bumped up against October 2013 figures.
Government Development Bank President Melba Acosta announced Thursday the filing of legislation containing measures to improve the fiscal and financial situation of the Puerto Rico Highways and Transportation Authority.
Citing local and federal Constitutional rights that establish freedom of information, New Progressive Party Rep. José Enrique Meléndez filed a lawsuit against the Government Development Bank and Gov. Alejandro García-Padilla, asking the court to order them to release reports crafted by private firms proposing a restructuring of Puerto Rico’s economy.
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