March 4, 2021

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Treasury reacts to regulations on accreditation of contributions paid abroad | government


The Secretary of the Department of Finance, Francisco Parés Alicea, reacted tonight to the new regulation proposed by the United States Federal Treasury that, among other things, alters the scope of the accreditation of contributions paid abroad.

Parés Alicea announced that he requested a hearing, -by written communication- to the Tax Policy Area of ​​the federal Treasury to discuss the possible impact on the economy of Puerto Rico.

He also stated that the government’s fiscal team seeks to have an active participation in the evaluation process.

“I am optimistic about the manifestations of the federal government in its interest to promote the manufacturing industry in Puerto Rico and I am confident that they will attend to our comments during the evaluation process of this regulation. It is necessary that we continue direct communication with high-ranking officials of the Treasury to ensure that our observations and recommendations are heard and taken into consideration, ”he said.

In the same way, the head of the Treasury stressed that, in addition to taking steps to obtain the audience in the Treasury, they have already started conversations with taxpayers who could be affected by the proposed changes to have their impressions first hand and be able to present robust approaches and tempered to the reality of that sector.

For her part, it was reported that Governor Wanda Vázquez Garced began negotiations with White House officials to ensure that Puerto Rico’s needs are heard and addressed.



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