Puerto Rico governor unveils $9.8B budget, sales tax to drop to 6.5%
April 26, 2013
Puerto Rico Gov. Alejandro García-Padilla presented Thursday a consolidated budget of $29 billion and an operating budget of $9.83 billion for fiscal 2014, representing a $750 million increase when compared to the current budget, which he said will be covered with new revenue.
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Treasury keeping extended hours for today’s tax filing deadline
April 16, 2013
Thousands of last-minute taxpayers are expected to file their returns in Puerto Rico today, and the Treasury Department is responding by offering extended hours at 21 collections centers, and its headquarters in Puerta de Tierra, agency Secretary Melba Acosta said Monday.
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García-Padilla’s economic team takes lobbying to D.C.
March 26, 2013
The Puerto Rican government’s economic team is in Washington D.C. this week to “disclose and advance plans to stabilize the government's finances and revive the island’s economy,” the Treasury Department said Monday.
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Op-Ed: What is an IRA?
March 19, 2013
The Individual Retirement Account, best known as an IRA, is one of the few options that the Puerto Rico Internal Revenue Code provides as a tax shelter mechanism for tax relief when filing the income tax return. In addition, the IRA promotes the creation of a private and individual fund for the account holder’s eventual retirement.
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Puerto Rico Treasury going after fraudulent taxpayers
March 14, 2013
The Puerto Rico Treasury Department is embarking on a pursuit of taxpayers who defrauded the government’s coffers either by under-reporting on their income taxes or failing to file altogether, agency Secretary Melba Acosta said Thursday.
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Op-Ed: Retirement plans and their taxation under the new Internal Revenue Code
March 14, 2013
Law 1 of January 31, 2011, also known as the Internal Revenue Code for a New Puerto Rico (herein the “New Code”), replaces the Internal Revenue Code of 1994, as amended. This New Code amends and adds new provisions to the previously known Section 1165, related to Puerto Rico Pensions Plans (now Section 1081.01). This article specifically refers to Chapter 8 — Trust and Successions, Subchapter A — Employees Trusts.
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Op-Ed: What is the alternate basic tax and how can it affect you?
March 5, 2013
The tax season is again upon us, and with it, as taxpayers, we begin to wonder how much tax we are going to pay. Some of you might have done some preliminary calculations based on your expected income and based on the transactions that took place during the year.
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USVI defends rum trade perks against mounting Caribbean diplomatic protests
February 4, 2013
Donna Christiansen, the U.S. Virgin Islands’ non-voting delegate to Congress, is aggressively defending her territory’s right to use rum excise-tax rebates to lure companies such as Diageo to its shores.
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Pierluisi calls PR-USVI rum rivalry a ‘race to the bottom’
January 30, 2013
Puerto Rico isn’t a country, so unlike most of its English-speaking Caribbean neighbors, it doesn’t have an embassy in Washington. And it’s not a state either, so it can’t send to Congress the eight lawmakers — two senators and six representatives — its population of 3.7 million would warrant under statehood.
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CARICOM envoys vow to take rum complaints to WTO
January 29, 2013
WASHINGTON — Diplomats representing the 15-member Caribbean Community have begun a public lobbying campaign against the use of federal excise-tax rebates by Puerto Rico and the U.S. Virgin Islands to subsidize rum production.
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Op-Ed: Rightly taxing foreign corporations
January 8, 2013
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.
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PRMA hosting workshop for foreign companies
October 24, 2012
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.
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Puerto Rico FY 2012 General Fund collections exceed goal by $10M
August 1, 2012
Treasury Secretary Juan Carlos Méndez confirmed Wednesday that General Fund collections for FY 2012 ending June 30 reached $8.6 billion, exceeding the government’s goals by $10 million.
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Treasury shores up $1.2B in April, reports 4% jump in May sales tax collections
June 5, 2012
Net revenue making its way to the Puerto Rico government’s General Fund exceeded $1.2 billion in April, with personal and corporate income tax collections representing 69 percent, or $830 million of the month’s total, agency Secretary Jesús Méndez said Monday.
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Doral Bank writes off $200M in overpaid P.R. taxes, stock soars 21%
April 3, 2012
Doral Bank has reached a deal with the Treasury Department regarding $200 million in overpaid taxes that the bank will now write off in its books as a prepaid expense.
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