The U.S. Treasury Department announced Wednesday the transfer of more than $4.9 million in State Small Business Credit Initiative (SSBCI) funds to Puerto Rico to help local businesses access the capital they need to grow and hire.
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.
Puerto Rico’s General Fund net collections fell short of projected estimates by $27.4 million last month, when the government collected $440.6 million, hit mostly by a drop in payments from corporations under Law 154, motor vehicle sales and individual payments.
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