PUERTO RICO: INSIGHTS INTO ECONOMIC DEVELOPMENT POLICY, Volume III: Tax Reform and Financial Regulation

This volume presents two submissions to the Bipartisan Congressional Task on Economic Growth in Puerto Rico regarding “Tax Reforms”. First, Juan-Carlos Puig’s submission outlines a list of initiatives/actions which should be taken to improve Puerto Rico’s economy. Having served as a federal government employee for 32.5 years, 28.5 of which were served in Puerto Rico, he suggests that the task force is in a unique position to reform Puerto Rico’s tax administration and without improvement in revenue collection Puerto Rico will not be able to stand on its own two feet. Secondly, James I. Owens, an International Tax Consultant, also outlines practical recommendations to achieve economic growth in Puerto Rico. Increased revenue can be accomplished by improving tax administration and enforcement programs or by raising the current rate of the sales tax.