Throughout Hato Rey’s Golden Mile, sotto voce, there is talk about an imminent amendment to Law 154 to increase taxes on foreign corporations. Under the present law, the excise tax on these corporations just declined from 4 percent in 2011, to 3.75 percent in 2012, and effective this month down further to 2.75 percent.
The Puerto Rico Manufacturers Association’s Tax Affairs and Buyers and Suppliers tems will host a workshop to explain to controlled foreign corporations doing business on the island how to reduce operational costs. The seminar also targets local “critical suppliers,” who will learn how to boost their sales.
The Treasury Department pumped $731 million into the government’s General Fund last month, or $216 million more than what it collected during January 2011. The 42 percent hike was fueled by income and excise taxes, Treasury Secretary Jesús Méndez said Thursday.
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