EX-GOV VILA CRITICIZES AGP ADMINISTRATION
From The San Juan Daily Star:
"Former Gov. Aníbal Acevedo Vilá on Monday said it is time for the
island government to accept that there is no money to pay the public
debt, while also suggesting that it must pressure the Obama adminis-
tration even further to help Puerto Rico deal with its fiscal crisis. In
fact, Acevedo Vilá criticized the administration of Gov. Alejandro
García Padilla for “sequestering the [people’s] tax returns” and for
hiking the sales and use tax (IVU by its Spanish acronym), because
the effect on the economy is that the salaried working class has lowe-
red their income tax retention rates while consumers are purchasing
less..."
LEGISLATURE TO VOTE ON FISCAL BOARD BILL
From Caribbean Business:
"The Puerto Rico Legislature could be voting as soon as Wednesday,
Nov. 11, on a bill that seeks to enable a self-imposed fiscal control bo-
ard on the commonwealth, although lawmakers are expected to see a
watered-down version when compared to the proposed legislation sub-
mitted by La Fortaleza Oct. 15. Legislative sources have told CARIB-
BEAN BUSINESS that planned amendments are to significantly tone
down the measure, particularly relating to its investigative, approving
and budgetary powers. Moreover, several majority lawmakers, inclu-
ding Senate President Eduardo Bhatia and House Speaker Jaime Pere-
lló, have already anticipated the bill would be “simplified” before vo-
ting on it..."
REALTORS BACK TAX EXCLUSION BILL
From News Is My Business:
"This week, National Association of Realtors President Chris Polychron
and Puerto Rico Association of Realtors President Edgar Morales sent a
letter to the island’s House of Representatives to show support for Bill
2566, which would exclude real estate brokerage services from the com-
monwealth’s Sales and Use Tax and the Value Added Tax. “This legisla-
tion recognizes that a tax on brokerage services is a tax on homeowner-
ship,” said Polychron. “Instead, we should strive to lower barriers for mi-
ddle-class families looking to buy or sell a home...”
PREPA NEEDS INSURERS ON BOARD BY TUESDAY
From Bloomberg:
"The Puerto Rico Electric Power Authority needs to get insurance compa-
nies that guarantee a portion of the utility’s debt against default to endor-
se a conditional restructuring agreement by Thursday to avoid the risk of
the deal with bondholders falling apart. If MBIA Inc., Assured Guaranty
Ltd. and Syncora Guarantee Inc. don’t sign on to the debt exchange fina-
lized with some investors last week, then the utility known as Prepa, its
fuel-line lenders and the bondholder group will work to implement a reco-
very plan “through a mechanism to be agreed among the parties that may
include, without limitation, a judicial process, including an enforcement
proceeding under applicable law,” according to the Nov. 5 agreement pos-
ted on the Municipal Securities Rulemaking Board’s website..."
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