Planning Board OKs $3B in location consultations in ’14
February 23, 2015
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.
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Moody’s pushes Commonwealth credit deeper into junk
February 20, 2015
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.
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Congress to study bill to add PR to U.S. bankruptcy code
February 20, 2015
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.
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House Speaker raises red flags on tax reform issues
February 19, 2015
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.
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Gov. talks Treasury overhaul, submits tax reform bill
February 12, 2015
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.
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Governor proposes overhaul of Puerto Rico tax structure
February 11, 2015
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.”
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EDB unveils 2 financing programs for gov’t contractors
February 10, 2015
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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Tax reform proposes new 16% goods and services levy
February 5, 2015
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.
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Court orders Treasury to release KPMG tax reform report
February 4, 2015
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.
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Gov’t signs Roosy Roads deal with Clark Realty Capital
February 3, 2015
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.
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Science Trust poised to grant $2.2M for R&D projects
February 3, 2015
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.
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Public, private sectors back energy subsidy reform
January 28, 2015
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.
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Puerto Rico Treasury: Dec. revenue at $854M
January 16, 2015
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.
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Puerto Rico Planning Board releases Land Use Plan draft
January 15, 2015
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.
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PR, DR governments sign multiple bilateral agreements
January 14, 2015
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.
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