Puerto Rico passed a new tax bill over this past weekend that will tax off-shore multi-national companies that earn $75 M or more per year. The law was passed in an effort to recoup lost revenues due to a recession in the Island's economy since 2006.
PhRMA President was quick to respond stating that the new law will "dramatically hinder PhRMA member companies positive efforts within Puerto Rico." He stated that future investment was likely to slow as well as new job creation. He further criticized lack of transparency in passing the law without prior public comment. Transparent tax policies were cited as being critical to PhRMA members to create innovation. This law's passage is seen as being counter to fostering innovation and could further hurt the island's economy. See in-pharmatechnologist.com)
See PhRMA statement on Puerto Rico's new law.
Posted by Bruce Lehr October 28th 2010.