Tax Reform
January 26, 2010 - Category: Tax Reform- Reforma Contributiva

Governor: Tax reform in works for next session
By CB Online Staff
cbnews@caribbeanbusinesspr.com


Gov. Luis Fortuño said Tuesday that a “dramatic reduction” in income taxes is in the works for islanders earning less than $20,000 per year.
The governor, who spoke briefly with reporters as he headed into a New Progressive Party Legislative Conference meeting, said the tax cut would be part of a sweeping tax reform package to be lodged during the second legislative session of this year.

Fortuño said the aim is for the tax reform “benefits to be felt in 2011 and 2012 and there are several ways of doing that. The idea of this reform is to reduce the burden on the middle class and working class, to promote work and encourage economic development, savings and investment.”

“For our people to feel the relief and the change we all need, it is important that the central piece is a tax reform that allows a reduction in what we all pay, with special emphasis on middle-class workers,” he said.

The tax reform is expected to take effect in January 2011 and will “begin to be felt in the middle of this term,” the governor said.

It is expected to contain reductions across the board, including corporate taxes.

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