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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]
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 ...
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 ...
Demographically, municipalities in Puerto Rico are equivalent to counties in the United States, and Puerto Rican municipalities are registered as county subdivisions in the United States census. [2] Statistically, the municipality with the largest number of inhabitants is San Juan , with 342,259, while Culebra is the smallest, with around 1,792.
The Office was formerly known as the "Bureau of the Budget", was created by Law 213 of May 12, 1942, during the administration of Governor Rexford Guy Tugwell, who was part of the brain trust of U.S. President Franklin D. Roosevelt, and who was appointed as the last non-native Puerto Rican governor by Roosevelt. The Bureau was part of a package ...
[3] The law increased the minimum wage from 7.25 to $10.50 per hour (or higher) by 1 July 2024; allows Puerto Rico’s minimum wage to prevail over the federal minimum wage if Puerto Rico's is higher; created the Minimum Wage Review Commission within the Department of Labor and Human Resources which will review and increase the minimum wage ...