Thursday, October 30, 2014

Puerto Rico Government Looks to Raise Tax on Oil

Puerto Rico government officials said Thursday they are seeking a 68 percent increase in an oil tax to help sell up to $2.9 billion in bonds and strengthen one of the island's largest public corporations amid bankruptcy concerns. Officials said the move also would help boost cash reserves at the Government Development Bank, which oversees the island's debt transactions, and allow for the refinancing of at least $1 billion in loans made to Puerto Rico's Highway and Transportation Authority.

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