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Thursday, May 21, 2015

PR Government Files Budget For 2016

Caribbean Business


The Puerto Rico government submitted to the Legislature a $9.8 billion 
budget proposal Wednesday that calls for $674 million in spending cuts 
amid the island's fiscal crisis. The submitted budget bill for fiscal 2016 
contemplates a consolidated budget of $28.8 billion, $9.8 billion of which 
would correspond to the commonwealth's General Fund. It is about $235 
million higher than the current fiscal year's budget. The bill, which pro-
poses $674 million in government spending cuts, also allocates about 
$1.54 billion toward servicing the commonwealth's debt, an increase of 
$400 million over the previous year's budget.

The budget proposal also includes clauses that tie it to the tax bill being 
considered in the House, which calls for increasing the 7% sales & use 
tax (IVU by its Spanish acronym) to 11.5%...[CONTINUE READING]

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