Puerto Rico announces that it will start cracking down on those who abuse the U.S. territory’s tax credit system, an opaque and long unregulated sector with claims that average about $270 million a year.
SAN JUAN, Puerto Rico — Puerto Rico announced Tuesday that it will start cracking down on those who abuse the U.S. territory’s tax credit system, an opaque and long unregulated sector with claims that average about $270 million a year.
For years, Puerto Rico’s government has been unable or unwilling to provide specific numbers related to tax credits awarded, for example, to those who build hotels or invest in the local manufacturing or movie industries.He estimates that 20% of claims are faulty, either because of technical errors tied to the currently outdated system or because people are trying to cheat the system.
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