Tax & Spend
IRS Investigation Into Wealthy Americans Dodging Taxes Gets Help From Puerto Rico
- Puerto Rican official says his office at ‘disposal’ of IRS
- Cidre says ensuring compliance with tax rules is a ‘priority’
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Puerto Rico’s top economic development official says he’s actively cooperating with US tax authorities as they investigate about 100 high-income individuals who are suspected of misusing the island’s incentive program to dodge federal taxes.
Manuel Cidre, Puerto Rico’s Secretary of Economic Development and Commerce, said his office has been working with the Internal Revenue Service since 2021 to identify people who may be abusing the island’s lucrative tax breaks. The IRS says that it has identified about 100 people who failed to meet the rules, and it expects “many of these cases to proceed to criminal investigation.”