Comments on: Puerto Rico stumbles on tax collections http://blogs.reuters.com/muniland/2014/05/12/puerto-rico-stumbles-on-tax-collections/ Bridges, budgets, bonds Mon, 24 Nov 2014 00:29:08 +0000 hourly 1 http://wordpress.org/?v=4.2.5 By: CraigL http://blogs.reuters.com/muniland/2014/05/12/puerto-rico-stumbles-on-tax-collections/comment-page-1/#comment-2495 Thu, 15 May 2014 19:42:22 +0000 http://blogs.reuters.com/muniland/?p=13789#comment-2495 > …referring to the possibility that it is a concerted action business sector.

Yes, if everything else fails, there are always conspiracy theories to lean on, like the one of a tax-deferral/avoidance collusion among 20k+ PR businesses:
“The Treasury Department fielded 38,518 corporate income tax filings by the April 15 deadline: 16,167 were tax returns; 2,009 were extension requests with payments; and 20,342 were extension requests without payment.”

Some people should get their heads examined (of course at their own, not PR’s or Reuters’, expense).

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By: Cate_Long http://blogs.reuters.com/muniland/2014/05/12/puerto-rico-stumbles-on-tax-collections/comment-page-1/#comment-2494 Tue, 13 May 2014 15:56:39 +0000 http://blogs.reuters.com/muniland/?p=13789#comment-2494 “As of today they are not contemplating new taxes. Now, with the information that comes to us today, I would ask the secretary of the Treasury to let us know if here is a pattern of behavior that is atypical and that was what happened, “said Senate President Eduardo Bhatia, who questioned the fact that many employers do not pay their taxes.

Last week, the secretary of the Treasury, Melba Acosta reported that 53 percent of the returns on income for businesses arrived with no request for extension and partial payment, as is customary, when an extension is requested.

“This reduction in estimated income-that is very serious, more than $ 300 million – will know where … More than 50 percent of the companies settled with extra time your return. What we need now is to investigate who they are, and within a particular sector employers in Puerto Rico is, “said Speaker of the House of Representatives, Jaime Perello, while questioning the reason that entrepreneurs may have to request an extension without partial payment.

“What we are asking the Secretary [of the Treasury] is that we interpret what happened because obviously will not tolerate such behavior,” said Bhatia, referring to the possibility that it is a concerted action business sector.

http://www.noticel.com/noticia/160236/me rcado-discute-la-devastadora-merma-en-lo s-ingresos-de-hacienda.html#.U3FpGT9YOLY .twitter

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By: CraigL http://blogs.reuters.com/muniland/2014/05/12/puerto-rico-stumbles-on-tax-collections/comment-page-1/#comment-2492 Tue, 13 May 2014 13:54:33 +0000 http://blogs.reuters.com/muniland/?p=13789#comment-2492 > The less-than expected tax revenues is devastating for Puerto Rico… The near term outlook for Puerto Rico is getting dark.

We certainly can count on you for spinning the usual PR doom and gloom at any opportunity, Cate. What you conveniently forget to explain is that the shortfall in corporate tax collection is mainly due to a 3-month filing extension, for which 53% of businesses that applied did not send a tax prepayment. Also, businesses whose fiscal year does not end on Dec 31 now have a deadline other than Apr 15 to file a return. It may turn out that businesses decided to purposely postpone the tax payment and suffer a 10% penalty and interest for cash flow reasons. We will have to wait a few months to get the final tally. Meanwhile, try to stay positive, or at least objective, for a change (I do realize it is a lot to ask).

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