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Puerto Rico’s Oversight Board Praises ‘Watershed’ Tax-Swap Plan

May 20, 2022, 3:22 PM

Puerto Rico’s federally appointed oversight board praised local officials for hammering out a deal with the US Treasury that’s expected to bring stability and certainty to local corporations and manufacturers, and guarantee the flow of more than $1 billion in tax revenue

  • “I think it will be a watershed moment in the history of Puerto Rico, when we can finally say that we have resolved the issue of credibility with the IRS,” Financial Oversight and Management Board member Antonio Medina said during a televised meeting
  • NOTE: On Thursday, Puerto Rico’s Treasury Secretary Francisco Pares said he had reached a deal ...