New Internal Revenue Code for Puerto Rico presented

On December 3, 2010, Primera Hora reported that the Executive’s finance team presented in the Legislature the proposed new Internal Revenue Code, with technological staging and comparisons to European economies in crisis. According to the Government, the code would leave “more money in the pocket” of taxpayers.

The group — Treasury secretary Juan Carlos Puig, Government Development Bank president Carlos García, Economic Development secretary José Pérez Riera and Tax Reform Committee executive director Xenia Vélez — blamed the administrations of Sila M. Calderón and Aníbal Acevedo Vilá for the fiscal crisis.

García said Puerto Rico’s situation was “more favorable” than what European countries faced, alluding to Ireland, Greece and Portugal, and recalled Greece’s bailout and strong austerity measures. The Popular House Treasury spokesman, Luis Vega Ramos, replied that the Government “now discovered that the fiscal crisis is global” and that it contradicted its own thesis of a “creole” crisis. He asked how the reform would be financed and what other cuts to essential services would be needed.

House Treasury Committee chair Antonio Silva Delgado said that, whoever wins in 2013, the Government must stay in austerity and spending control: tax relief would come “only if” that control existed. Bill presentation ≠ enacted law nor revenue promise. Primary: Primera Hora 2010-12-03.

Source: Primera Hora. https://www.primerahora.com/noticias/gobierno-politica/notas/presentan-nuevo-codigo-de-rentas-internas-para-puerto-rico/