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Puerto Rico News




US Congress Passes Huge Fiscal Package

by Mike Godfrey, Tax-News.com, Washington

Monday, December 21, 2015

The US House of Representatives and Senate have approved the bipartisan Protecting Americans from Tax Hikes Act and the Omnibus spending bill, which together make permanent or renew the package of "tax extenders" that expired at the end of 2014, and suspend three Obamacare taxes, at a 10-year cost of USD680bn. Read Full Story

 


Puerto Rico May Be Offered US Earned Income Tax Credit

by Mike Godfrey, Tax-News.com, Washington

Wednesday, October 28, 2015

The US Treasury Department, the National Economic Council, and the Health and Human Services Department have outlined legislation to help Puerto Rico address its serious fiscal deficits, including providing access to an earned income tax credit to speed the territory's economic recovery. Read Full Story

 


Puerto Rico Broadens Sales And Use Tax Base

by Mike Godfrey, Tax-News.com, Washington

Monday, October 5, 2015

Puerto Rico's Governor has signed legislation that, on October 1, introduced a four percent sales and use tax rate on certain previously exempt professional and business-to-business services. Read Full Story

 


US Has World's Third-Highest Corporate Tax Rate

by Mike Godfrey, Tax-News.com, Washington

Monday, October 5, 2015

Not only does the United States retain the dubious distinction of having the highest corporate tax rate in the Organisation for Economic Cooperation and Development country grouping, it now has the third-highest rate of corporate tax in the world, according to the Tax Foundation. Read Full Story

 


Tax Reforms In Puerto Rican Debt Relief Plan

by Mike Godfrey, Tax-News.com, Washington

Friday, September 11, 2015

The Working Group for the Fiscal and Economic Recovery of Puerto Rico, which was appointed by Governor García Padilla, has delivered a Fiscal and Economic Growth Plan that contains further corporate tax reforms. Read Full Story

 


IRS Adds To US Territory Residency Rules

by Mike Godfrey, Tax-News.com, Washington

Friday, August 28, 2015

A notice of proposed rulemaking issued by the US Internal Revenue Service on August 26 has proposed amendments to the regulations for determining whether an individual is a bona fide resident of a US territory. Read Full Story

 


Tax Hikes Cannot Save Puerto Rico From Its Debt: Study

by Mike Godfrey, Tax-News.com, Washington

Monday, July 6, 2015

A study for the Puerto Rican Government has indicated that, while the country may be able to increase tax revenue in the short term, a solution to its persistent fiscal deficits will not be possible over the next decade without debt relief from its creditors. Read Full Story

 


IRS Reminds Firms Of Transaction Disclosure Rules

by Mike Godfrey, Tax-News.com, Washington

Tuesday, May 26, 2015

The US Internal Revenue Service has reminded businesses in US territories, including individuals who are sole proprietors, that they must report cash transactions of more than USD10,000 received in a trade or business. Read Full Story

 


IRS Reminds Taxpayers With Foreign Assets To File Returns

by Mike Godfrey, Tax-News.com, Washington

Tuesday, April 14, 2015

The Internal Revenue Service has reminded American citizens and resident aliens, including those with dual citizenship, who have lived or worked abroad during all or part of 2014 that they may have a US tax liability and a filing requirement in 2015. Read Full Story

 


Puerto Rico Enacts Further Tax Amnesty Law

by Mike Godfrey, Tax-News.com, Washington

Friday, April 3, 2015

Puerto Rican Governor Alejandro Garcia Padilla enacted legislation on April 1 to establish a tax amnesty to encourage the payment of overdue taxes, effective immediately, until June 30, 2015. Read Full Story

 

 

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