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.
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.
Some companies from the U.S. mainland operate in Puerto Rico directly vs. through Controlled Foreign Corporations. They pay federal income tax on their territorial income at the normal 35 percent rate.
A Dow Jones/Factiva content provider since 2014
Subscribe to our Dollars & Sense podcast!
