The Puerto Rico Treasury will begin to track tax credits granted, transferred, and claimed in the US territory after a report revealed “internal control deficiencies.”
For the first time, the tax agency will have records of the tax credits granted by the government through a Tax Credit Manager, or MCC in Spanish, Treasury Secretary Francisco Parés Alicea said Tuesday. The new system, which launches Jan. 18, will manage only investment credits such as incentives for tourism, manufacturing, or opportunity zones, and not credits claimed on individual returns.
The new platform aims to correct deficiencies and other irregularities regarding the processes ...
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