Financially troubled Doral Financial Corp. fired off a letter to the Puerto Rico Treasury Department late last week asking the agency to comply with the terms of a closing agreement reached in 2012 obligating the government to refund the bank for tax over-payments estimated at about $232 million.
Puerto Rico’s revenue collections for the month of April fell significantly below estimates, short by $442.3 million at $1.18 billion, but up by $196 million year-over-year, the Treasury Department said in a release distributed after the end of business Friday.
The Puerto Rico Treasury Department announced Wednesday it has cut $147.2 million in tax refunds corresponding to 247,744 tax returns during the current tax cycle, representing $80 million more than what was disbursed at this time last year.
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