Puerto Rico tax reform faces hurdles amid criticism (Podcast)

[ad_1]

Puerto Rico lawmakers say a tax plan backed by Governor Pedro Pierluisi is still not the much-sought tax overhaul the island desperately needs.

After years of modifications, Puerto Rico still has one of the most complex tax systems in the United States, with over 400 tax breaks, deductions, credits, and exemptions.

Listen here and subscribe to Talking Tax on Apple Podcasts, Spotify, Google Podcasts, Stitcher, Megaphone or Audible.

The Democratic governor introduced a proposal earlier this year that would lower personal and corporate income taxes and simplify the tax code of U.S. territories. The Senate says it is working on a counter-proposal but provided few details.

Bloomberg Tax Anglica Serrano-Romn and Bloomberg News Jim Wyss spoke with Kenneth Rivera Robles, a Galndez LLC Tax Partner and Treasurer of the Puerto Rico Manufacturers Association Board of Directors, Senator Juan Zaragoza Gmez, President of Puerto Rico’s Senate Finance Committee, and Ella Woger-Nieves, CEO of Invest Puerto Rico.

Do you have any comments on this episode of Talking Tax? Call us and leave a voicemail at 703-341-3690.

[ad_2]