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prima:Treasury Secretary explains the options for a new tax on foreign corporations in Puerto Rico

US Treasury Secretary Janet Yellen held a meeting with Governor Pedro Pierluisi

February 2, 2022 - 11:12 AM

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This content was published more than 2 years ago.
Governor Pedro Pierluisi and the Treasury Secretary Janet Yellen. (Twitter)

Washington - When Controlled Foreign Corporations (CFCs) - in Puerto Rico or other parts of the world - want to deduct on their federal tax returns what they pay in other jurisdictions, they will only be able to claim against the global corporate tax promoted by the Joe Biden administration, the tax they pay on the income generated in that jurisdiction, Treasury Secretary Janet Yellen told Governor Pedro Pierluisi yesterday.

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