Two executives who own the Bora Bora and Flamers retail establishments are facing 36 counts of tax evasion and illegal appropriation of public funds for failing to remit more than $1.2 million in sales and use tax money collected between 2009 and 2012, according to the findings of a joint investigation by the Puerto Rico Justice and Treasury Departments.
The Puerto Rico Health Insurance Services Administration, or ASES in Spanish, stands to recover about $9.7 million in duplicate payments made to insurance companies for services provided to patients covered by the government’s health plan, agency Executive Director Ricardo Rivera said Monday.
The Puerto Rico Treasury Department has assigned 20 agents to find and fine businesses in the towns of Carolina and Trujillo Alto who have failed to remit sales and use tax money, as required by law.
Gov. Alejandro García-Padilla said Wednesday his administration has created some 41,145 new jobs in the past 12 months, under the Jobs Now Act legislation passed in January 2013 to boost employment in Puerto Rico.
Puerto Rico’s General Fund revenue collections for the month of January amounted to $664 million, a figure that is $1 million less than the same period last fiscal year, but that Treasury Secretary Melba Acosta described as a “record.”
More than a year after warning about the possibility, Standard & Poor's Ratings Services on Tuesday made good on its word and cut its rating of Puerto Rico’s general obligation debt to 'BB+' from 'BBB-,' pushing it to the highest junk level status.
Puerto Rico Treasury Secretary Melba Acosta-Febo said Monday that the General Fund collected $925 million in net revenues during December 2013, $12 million higher than the preliminary figure announced in early January.
Ingrid Vila Biaggi, chief of staff to Puerto Rico Governor Alejandro García-Padilla, announced today that a balanced budget for the 2014-2015 fiscal year will be introduced in the coming weeks.
Ten years after plans for its creation were announced, the Puerto Rico Planning Board released Thursday the draft document of the Land Use Plan and Planning Guidelines, intended to guide the island toward a model of full and sustainable socio-economic development.
The Infrastructure Financing Authority will begin construction this year of about 20 projects, representing an investment of $292.6 million and the creation of 3,504 jobs in Puerto Rico, agency Executive Director Grace Santana said Tuesday.
Puerto Rico’s unemployment rate jumped by a full percentage point year-over-year in December, when it reached 15.4 percent, Puerto Rico Labor Department statistics revealed Tuesday.
A contingent of the government’s fiscal team is in New York today for two days of meetings with credit ratings agencies Standard & Poors, Fitch and Moody’s, which are all keeping close tabs on Puerto Rico’s financial problems and the steps being taken to address the crunch.
The Puerto Rico Electric Power Authority has reached agreements with six renewable energy companies who will now produce power that is expected to generate $63 million in savings for the agency in 20 years, Executive Director Juan Alicea said Tuesday.
The Puerto Rico Treasury Department will start mailing out today more than 990,000 single, unified tax form that will standardize the reporting process corresponding to the 2013 taxable year.
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