The Puerto Rico Treasury Department is embarking on a pursuit of taxpayers who defrauded the government’s coffers either by under-reporting on their income taxes or failing to file altogether, agency Secretary Melba Acosta said Thursday.
The INOVA Incubation Program in Caguas recently marked its fifth anniversary with the “graduation” of the first companies born there, which so far have created 200 direct and 400 indirect jobs. The program also celebrated the national recognition given to one of its resident companies by the National Business Incubation Association, a first for Puerto Rico.
Law 1 of January 31, 2011, also known as the Internal Revenue Code for a New Puerto Rico (herein the “New Code”), replaces the Internal Revenue Code of 1994, as amended. This New Code amends and adds new provisions to the previously known Section 1165, related to Puerto Rico Pensions Plans (now Section 1081.01). This article specifically refers to Chapter 8 — Trust and Successions, Subchapter A — Employees Trusts.
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