You are currently browsing the tag archive for the ‘puerto rico business tax’ tag.
Once again, Puerto Rico is being looked at as an example for creative avenues of controlling the budget deficit. After reducing the overall tax rate for both personal incomes and most businesses, the governor of Puerto Rico has installed a very creative means for ensuring all revenues are reported and taxes paid by businesses.
The number, printed at a Ponce restaurant by a machine that reports sales directly to the Commonwealth’s Treasury, seeks to turn every Puerto Rican into an enforcement agent. The program will give anyone with a receipt a chance to win $1,000 or a car, while forcing businesses to report and pay taxes.
Consumers have a “personal interest in making sure that the tax is collected and sent over to our local Treasury Department,” Fortuno, a 50-year-old Republican, said in an interview in his San Juan office. Read the rest of this entry »
By: Marshall Kirby, Public Policy Analyst
Mr. Kirby joins The National Puerto Rican Chamber of Commerce with an experienced background in Public Policy Analysis. He has worked for Americans for Informed Democracy, the Center for US Global Engagement, and for local governments in Virginia on issues ranging from international finance, national security, and other areas of foreign and domestic policy. He holds a Master of International Development Degree from the University of Pittsburgh.
In the news, a lot of time and coverage has been spent on the issue of taxes and the responsible course of action of spurring economic growth in a recession and balancing real concerns of government deficits when major spending cuts are no longer politically feasible. In Washington, there is a lot of political rhetoric surrounding tax cuts and tax credits for the middle class and small businesses or whether increasing taxes on the top earners and large corporations will bring relief to the struggling or help pull the country out of the recession. In Puerto Rico, there are similar talks, especially as the governor has announced a new policy which has left many at odds over the decision.
Luis Fortuno, the young governor of the island, has made a shocking move that has left differing stakeholders at odds. Read the rest of this entry »