The Puerto Rico Treasury Department has spent the last seven months working with a team of local and international experts in tax, fiscal and economic matters to propose an overhaul to the island’s Internal Revenue Code that ultimately should eliminate the “uncertainty” associated with elements of the decades-old statute, agency Chief Melba Acosta told members of the media Thursday.
The accelerated rate at which Puerto Rico is losing population — particularly the younger, productive segment — is placing significant pressure on the island’s housing market, which continues to experience ongoing decreases in sales and rental activity.
Members of a newly formed nonprofit, non-partisan organization under the name Puerto Rico is the Answer has taken upon itself the task of actively help international investor prospects identify and set up attractive business ventures on the island, using fiscal autonomy as the cornerstone of the effort.
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