THE BANK STING THAT'S ROCKING PUERTO RICO.

The article presents information about the new tax laws enacted by the government of Puerto Rico. Governor Rafael Hernández Colón has sent a bill to the legislature to reduce the personal income tax rate to 50% and to exempt from the 20% levy holders who could prove they paid income tax on the principal of the certificates of deposits (CDs). Moreover, the governor has enacted a law on the basis of which the banks would be required to report all transactions of more than $10,000.