GOVT TO GIVE DISADVANTAGED 'REWARD CARDS'
From The San Juan Daily Star:
The Puerto Rico government is planning to hand out cumulative
credit cards, known as “rewards cards,” to certain disadvantaged
sectors as part of the Tax Reform. House Treasury Committee
Chairman Rafael “Tatito” Hernández made the announcement during
a radio interview on Wednesday. Similar to a rewards card given
by some retailers, the government rewards card will allow
consumersto accumulate what they have spent on the tax and then
redeem it in 90 days.
Hernández made his remarks in response to reports that the planned
value-added tax (IVA by its Spanish acronym), which entails the
imposition of a 14 percent to 18 percent tax on goods, will lead
to an increase in prices and inflation. The current government
plans to change to an IVA from the current 7 percent sales and
use tax to obtain more revenues for the government and reduce
tax evasion. The proposed tax reform also entails cuts to indivi-
dual and corporate income taxes.“If a person has to pay $200 or
more in six months from what they used to pay [with the sales and
use tax IVU by its Spanish acronym) because no money is being
retained from their check, but $200 are being subtracted from
their resources, then the person is breaking even,” he said. “They
will be reimbursed in a 60- to 90-day time period with a redeemable
rewards card.”
HOUSE APPROVES $225 MILLION BOND ISSUE
From Reuters:
The Puerto Rico House of Representatives approved a bill on Thursday
authorizing a government bond issue or other borrowing of up to $225
million for public works projects across the indebted island.
The Treasury secretary can negotiate government-backed bonds with any
bank or investment firm, but because of its financial troubles Puerto
Rico has been largely reliant on hedge funds for funding. Puerto Rico
is struggling with a total debt load of over $70 billion. It is in the
process of restructuring its power authority PREPA which could
possibly involve a writedown to PREPA's $9 billion in debt.
INDEPENDENCE LEADER ASKS FOR CELAC HELP
From TeleSur:
The leader of the Puerto Rican independence movement has called on the
Community of Latin American and Caribbean States to help regain sov-
ereignty for the island. In spite of strong opposition, Puerto Rico
remains a U.S. territory; a 2012 referendum revealed that 54 percent
of the population preferred statehood.
“The persistence of colonialism in my mother land Puerto Rico constitutes
an affront to the dignity of Our America,” said Ruben Berrios Martinez,
president of the Puerto Rican Independence Party. “Colonialism is a
violation to the most elemental human rights: the inalienable right to
free determination and independence is an absolute rule of international
law.” Berrios Martinez asked CELAC, currently meeting in Costa Rica, to
introduce a plan to make the general assembly take a stance on the case
of Puerto Rico and also to demand that the U.S. government liberate Oscar
Lopez, “the longest serving political prisoner in the world having been
in prison nearly 34 years.”
BASEBALL CARIBBEAN SERIES TO START MONDAY
From Caribbean Journal:
The Caribbean Series (Serie del Caribe), the championship of the best
Caribbean Winter League teams from Puerto Rico to Venezuela, is being
hosted at San Juan’s Hiram Bithorn stadium beginning Monday. This year’s
series is in Puerto Rico for the first time in four years, with a major
new guest: Cuba.
“It’s gonna be something beautiful for the island, and every year that
we do the Caribbean World Series, they always have something special,”
former Major League star second baseman Carlos Baerga told Caribbean
Journal. “But I think this one’s going to be even more special.
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