Statistics Institute wants public input on worker survey
March 17, 2015
The Puerto Rico Statistics Institute announced Monday plans to use a new method to collect information on households to measure unemployment in Puerto Rico.
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Treasury collections at $709.3M in Feb. up $39.4M YOY
March 16, 2015
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.
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CNE advises shelving tax reform until economy improves
March 5, 2015
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.
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Pierluisi resubmits bill to get e-records benefits for P.R.
March 4, 2015
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.
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Puerto Rico’s bid for Ch. 9 inclusion heard in Congress
February 27, 2015
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.
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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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