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Puerto Rico-United States

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Puerto Rico's Oversight Board Approves Revised Fiscal Plan

On 13 March 2017, the Financial Oversight and Management Board for Puerto Rico approved a revised version of the U.S. territory's fiscal plan to address its major debt issues. The initial version of the plan (previous coverage) was rejected by the board as being overly optimistic and failing to adequately stabilize the government's finances. Although the revised plan has not been released, it reportedly includes additional cuts in pension-spending and government employee benefits, increased taxes on tobacco, and adjustments to the property tax assessment process to increase collections. The revenue measures in the initial plan are reportedly maintained, including corporate tax reform measures, tax compliance improvements, and increased fees. Details for the implementation of the plan are to be delivered to the board by 30 April 2017.

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