Puerto Rico to pursue abusers of lax tax credit system
By DÁNICA COTO
Associated Press
SAN JUAN, Puerto Rico (AP) — Puerto Rico says it will start cracking down on those who abuse the U.S. territory’s tax credit system. It is an opaque and long unregulated sector with claims that average about $270 million a year. Treasury Secretary Francisco Parés said Tuesday that the creation of a new centralized system to administer tax credits related to investments would generate an additional $130 million a year for the government and lead to lower tax breaks for residents on the island of 3.2 million people. Puerto Rico’s government for years has been unable or unwilling to provide specific numbers related to tax credits awarded.
