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Puerto Rico governor orders gas tax moratorium – Bond Buyer

Puerto Rico Gov. Pedro Pierluisi on Tuesday ordered A forty 5-day moratorium on a diesel and gasolineoline tax, which might trim $25 million Which might usually go to The general fund.

“With this meaconstructive we search To alleviate the people and the financial influence on our households As a Outcome of of enhance in gasoline prices As a Outcome of of the wrestle between Russia and Ukraine, amongst completely different factors,” Pierluisi said. 

Puerto Rico Gov. Pedro Pierluisi signing the moratorium on the “crudita” gasolineoline and diesel tax Tuesday night.

The Puerto Rico Oversight Board said it “helps The federal authorities’s efforts To attenuate the financial influence of rising gasoline and diesel prices on the people of Puerto Rico.”

The board “Shall be reviewing the joint decision signed by the governor To Make constructive the considerations outlined in our letter from May 4 are addressed.” These considerations embrace that it was a decision, not a proposed regulation, and the timing.

The Joint Underwriters Affiliation for Obligatory Authorized obligation Insurance coverage Would want to declare a particular dividend of $50 million from its capital reserve, which Shall be topic to a particular 50% tax, and ship that $25 million to The general fund on or earlier than the fiscal yr ends onJune 30, Pierluisi said. This will compensate The general fund for the loss from the suspension of the gasolineoline and diesel tax, regionally referred to as the “crudita.”

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Source: https://www.bondbuyer.com/news/puerto-rico-governor-orders-gas-tax-moratorium

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