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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 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]
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 ...
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 ...
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 ...
March 15 – Puerto Rican government-debt crisis: Puerto Rico exits out of bankruptcy after completing the largest public debt restructuring in U.S. history. [2] April 7 – Around two million people in Puerto Rico are left without electricity after a fire occurs at one of the island's largest power plants.
It was created to assist the Governor in the preparation of the annual budget and the public improvements plan. The Bureau grew during the late 1940s and its offices, within the grounds of Puerto Rico's Executive Mansion, La Fortaleza , housed fewer than 25 employees that populated three divisions, the Forecasting Division, the Statistical ...