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Taxation in Puerto Rico consists of taxes paid to the United States federal government and taxes paid to the Government of the Commonwealth of Puerto Rico.Payment of taxes to the federal government, both personal and corporate, is done through the federal Internal Revenue Service (IRS), while payment of taxes to the Commonwealth government is done through the Puerto Rico Department of Treasury ...
The Internal Revenue Code of Puerto Rico (Spanish: Código de Rentas Internas de Puerto Rico) is the main body of domestic statutory tax law of Puerto Rico organized topically, including laws covering income taxes, payroll taxes, gift taxes, estate taxes, and statutory excise taxes.
The Puerto Rico Department of Treasury (Spanish: Departamento de Hacienda de Puerto Rico) is the executive department of the government of Puerto Rico responsible for the treasury of the U.S. Commonwealth of Puerto Rico. It is one of the constitutionally-created executive departments and is headed by a Secretary. [1]
Puerto Rico’s governor said Tuesday that the U.S. territory’s budget for the upcoming fiscal year will be the largest in history at $14 billion, with new funds meant to help the island’s ...
1917–1922: José E. Benedicto 1922–1923: Ramón Aboy 1923–1924: J.W. Bonner 1924–1929: Juan G. Gallardo 1930–1935: Manuel V. Domenech 1935–1940: Rafael Sancho Bonet
For practical reasons the budget is divided into two aspects: a "general budget" which comprises the assignments funded exclusively by the Department of Treasury of Puerto Rico, and the "consolidated budget" which comprises the assignments funded by the general budget, by Puerto Rico's government-owned corporations, by revenue expected from loans, by the sale of government bonds, by subsidies ...
The economy of Puerto Rico is classified as a high-income economy by the World Bank and as the most competitive economy in Latin America by the World Economic Forum. [14] [15] The main drivers of Puerto Rico's economy are manufacturing, which primarily includes pharmaceuticals, textiles, petrochemicals, and electronics; followed by the service industry, notably finance, insurance, real estate ...
Act 22 of 2012 —also known as the Act to Promote the Relocation of Investors to Puerto Rico (Spanish: Ley para Incentivar el Traslado de Inversionistas a Puerto Rico)— is an act enacted by the 16th Legislative Assembly of Puerto Rico that exempts local taxes on certain passive income generated by individuals that reside in Puerto Rico. [1 ...