Puerto Rico Feb. net revenue at $670M, beats estimate
March 5, 2014
Puerto Rico Treasury Secretary Melba Acosta-Febo said Tuesday that preliminary General Fund net revenues for February totaled $670 million, exceeding estimated collections by $57 million.
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Tourism Co. looking to boost short-term rental inventory
February 25, 2014
The Puerto Rico Tourism Co. is kicking off an orientation campaign aimed toward short-term rental property owners who may not be complying with Law 272, which requires collecting a room tax from guests for each night they stay.
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Treasury starts mailing new Puerto Rico tax forms today
January 21, 2014
The Puerto Rico Treasury Department will start mailing out today more than 990,000 single, unified tax form that will standardize the reporting process corresponding to the 2013 taxable year.
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CRIM launches 100-day amnesty, seeks to collect $60M
December 18, 2013
The Municipal Revenue Collections Center, known as CRIM by its initials in Spanish, announced Tuesday the start of a 100-day amnesty relieving taxpayers who are in arrears with the agency from paying interest, surcharges and penalties on their debt.
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Treasury: Tax deadline looms for Puerto Rico businesses
October 22, 2013
Puerto Rico corporations that close their books based on the calendar year, have until Friday (Oct. 25) to pay their estimated taxes, as per the recently enacted amendments to Law 117, Treasury Secretary Melba Acosta said Monday.
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MIDA warns national tax will hike prices, end businesses
October 1, 2013
Thousands of jobs, businesses and consumer pockets are being threatened by a new national tax included in the Tax Burden Redistribution and Adjustment Law, which the Marketing, Industry and Food Distribution Chamber warned Monday could have “devastating effects.”
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ASORE sponsors seminar on new taxes, industry impact
August 28, 2013
The Puerto Rico Restaurants Association, known as ASORE, sponsored a seminar Tuesday on the recently approved Law 40, which has brought on a new set of taxes, and its impact on the industry.
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New taxes could reduce Puerto Rico’s real growth by 3.3%, slash 30K jobs in 2 yrs.
July 30, 2013
Preliminary analysis conducted by economic analysis firm Heidie Calero Consulting Group suggests the impact of new taxes implemented in Puerto Rico this month could lead to a reduction of 3.3 percent real growth during the next two fiscal years with a loss of up to 30,000 jobs.
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Impact of Puerto Rico tax changes to be focus of seminar
July 29, 2013
The Made in Puerto Rico Educational Institute of the Puerto Rico Products Association will offer a seminar titled “Impact of the changes to Puerto Rico’s tax system on your business,” which aims to provide guidance on the recently enacted changes to the island’s tax code and their impact on local companies.
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Treasury urges individuals, businesses to tap into tax amnesty
June 24, 2013
Puerto Rico Treasury Secretary Melba Acosta urged taxpayers and businesses to catch up on their tax debts during the amnesty period ending June 30, while announcing that starting July 1, the agency, in tandem with the Justice Department will be “much more active” in submitting tax evasion cases in court, especially those related to withheld taxes, either from employees or citizens who paid the sales and use tax.
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Puerto Rico Treasury shores up $612M in May, up 2.6% YOY
June 19, 2013
The Puerto Rico Treasury Department reported Tuesday that net revenue General Fund collections for the month of May reached $612 million, exceeding by $15 million, or 2.6 percent, the collections on record for the same month in 2012.
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26 trade groups seek inclusion to solve fiscal problems
June 18, 2013
Representatives from 26 professional organizations from a cross-section of Puerto Rico’s economy, as well as thousands of businesses and workers, on Monday asked Gov. Alejandro García-Padilla and his administration for “transparency” and inclusion in the decision-making process to find solutions to the island’s precarious fiscal situation.
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Treasury cuts collections deficit through June by 69%
May 23, 2013
Treasury Secretary Melba Acosta said Thursday that revenue collections so far this year — July 2012 through April 2013 — totaled $6.8 billion, or $321 million less than originally included in the general budget. The projection of a deficit through June 30, including certain transactions that will close before then, is $295 million, or 69 percent less than the original $965 million projected deficit, one of the components of the $2.2 billion structural deficit.
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CPAs concerned over possible end of B2B tax exemption
May 2, 2013
The head of the Puerto Rico Society of CPAs expressed concern Wednesday over the changes the current administration is proposing to the sales and use tax structure, specifically, the elimination of the business-to-business exemption.
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Puerto Rico lawmakers begin reviewing proposed budget
May 1, 2013
Puerto Rico Government Development Bank President Javier Ferrer told lawmakers Tuesday that without the necessary measures, the institution he heads will not have the capacity to float petitions by public corporations by summer.
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