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Puerto Rico Urgent Interest Fund Corporation
The Puerto Rico Urgent Interest Fund Corporation (also known as the Puerto Rico Sales Tax Financing Corporation) —Spanish: ''Corporación del Fondo de Interés Apremiante'' (COFINA)— is a government-owned corporation of Puerto Rico that issues government bonds and uses other financing mechanisms to pay and refinance the public debt of Puerto Rico. The Corporation is a subsidiary of the Government Development Bank and was created by Law No. 291 of 2006. Bonds issued by COFINA are called Puerto Rico Sales Tax Revenue Bonds. Background The Corporation receives half of the state government portion of the Puerto Rico Sales and Use Tax (SUT) (2.75%, or half of the out of the state government’s portion of 6%) and is authorized to use such portion pay or finance, in whole or in part, or fund: # certain debt obligations of the government of Puerto Rico payable solely from government budgetary appropriations and outstanding as of June 30, 2006; # the debt of the Department ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Public Corporation Of The Government Of Puerto Rico
In public relations and communication science, publics are groups of individual people, and the public (a.k.a. the general public) is the totality of such groupings. This is a different concept to the sociological concept of the ''Öffentlichkeit'' or public sphere. The concept of a public has also been defined in political science, psychology, marketing, and advertising. In public relations and communication science, it is one of the more ambiguous concepts in the field. Although it has definitions in the theory of the field that have been formulated from the early 20th century onwards, and suffered more recent years from being blurred, as a result of conflation of the idea of a public with the notions of audience, market segment, community, constituency, and stakeholder. Etymology and definitions The name "public" originates with the Latin '' publicus'' (also '' poplicus''), from ''populus'', to the English word 'populace', and in general denotes some mass population ("the p ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Subsidiary
A subsidiary, subsidiary company or daughter company is a company owned or controlled by another company, which is called the parent company or holding company. Two or more subsidiaries that either belong to the same parent company or having a same management being substantially controlled by same entity/group are called sister companies. The subsidiary can be a company (usually with limited liability) and may be a government- or state-owned enterprise. They are a common feature of modern business life, and most multinational corporations organize their operations in this way. Examples of holding companies are Berkshire Hathaway, Jefferies Financial Group, The Walt Disney Company, Warner Bros. Discovery, or Citigroup; as well as more focused companies such as IBM, Xerox, and Microsoft. These, and others, organize their businesses into national and functional subsidiaries, often with multiple levels of subsidiaries. Details Subsidiaries are separate, distinct legal entities f ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Financial Services Companies Established In 2006
Finance is the study and discipline of money, currency and capital assets. It is related to, but not synonymous with economics, the study of production, distribution, and consumption of money, assets, goods and services (the discipline of financial economics bridges the two). Finance activities take place in financial systems at various scopes, thus the field can be roughly divided into personal, corporate, and public finance. In a financial system, assets are bought, sold, or traded as financial instruments, such as currencies, loans, bonds, shares, stocks, options, futures, etc. Assets can also be banked, invested, and insured to maximize value and minimize loss. In practice, risks are always present in any financial action and entities. A broad range of subfields within finance exist due to its wide scope. Asset, money, risk and investment management aim to maximize value and minimize volatility. Financial analysis is viability, stability, and profitability assessmen ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Government-owned Corporations Of Puerto Rico
State ownership, also called government ownership and public ownership, is the ownership of an industry, asset, or enterprise by the state or a public body representing a community, as opposed to an individual or private party. Public ownership specifically refers to industries selling goods and services to consumers and differs from public goods and government services financed out of a government's general budget. Public ownership can take place at the national, regional, local, or municipal levels of government; or can refer to non-governmental public ownership vested in autonomous public enterprises. Public ownership is one of the three major forms of property ownership, differentiated from private, collective/cooperative, and common ownership. In market-based economies, state-owned assets are often managed and operated as joint-stock corporations with a government owning all or a controlling stake of the company's shares. This form is often referred to as a state-owned en ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Outstanding Bond
In finance, a bond is a type of security under which the issuer ( debtor) owes the holder ( creditor) a debt, and is obliged – depending on the terms – to repay the principal (i.e. amount borrowed) of the bond at the maturity date as well as interest (called the coupon) over a specified amount of time. The interest is usually payable at fixed intervals: semiannual, annual, and less often at other periods. Thus, a bond is a form of loan or IOU. Bonds provide the borrower with external funds to finance long-term investments or, in the case of government bonds, to finance current expenditure. Bonds and stocks are both securities, but the major difference between the two is that (capital) stockholders have an equity stake in a company (i.e. they are owners), whereas bondholders have a creditor stake in a company (i.e. they are lenders). As creditors, bondholders have priority over stockholders. This means they will be repaid in advance of stockholders, but will rank behind ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Puerto Rico Department Of Treasury
The Puerto Rico Department of Treasury (''Departamento de Hacienda'') is the executive department of the government of Puerto Rico responsible for the treasury of the U.S. Commonwealth of Puerto Rico. It is one of the constitutionally-created executive departments and is headed by a Secretary A secretary, administrative professional, administrative assistant, executive assistant, administrative officer, administrative support specialist, clerk, military assistant, management assistant, office secretary, or personal assistant is a w .... The department collects taxes, operates the local lottery, and serves as the central disbursement agency of the government. Agencies * Office of the Commissioner of Financial Institutions Secretary References External links * {{authority control Executive departments of the government of Puerto Rico Public debt of Puerto Rico ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Government Of Puerto Rico
The government of Puerto Rico is a republican form of government with separation of powers, subject to the jurisdiction and sovereignty of the United States.Constitution of the Commonwealth of Puerto Rico, Article I, Section 2 of the defines the government and its political power and authority pursuant to ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Puerto Rico Sales And Use Tax
Taxation in Puerto Rico consists of taxes paid to the United States federal government and taxes paid to the Government of the Commonwealth of Puerto Rico. Payment of taxes to the federal government, both personal and corporate, is done through the federal Internal Revenue Service (IRS), while payment of taxes to the Commonwealth government is done through the Puerto Rico Department of Treasury (). Puerto Rico is an unincorporated territory of the United States and Puerto Ricans are U.S. citizens; however, Puerto Rico is not a U.S. state, but a U.S. insular area. Consequently, while all Puerto Rico residents pay federal taxes, many residents are not required to pay federal income taxes. Aside from income tax, U.S. federal taxes include customs taxes, federal commodity taxes, and federal payroll taxes (Social Security, Medicare, and Unemployment taxes). Not all Puerto Rican employees and corporations pay federal income taxes. Federal law requires payment of federal income ta ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Public Debt Of Puerto Rico
The public debt of Puerto Rico is the money borrowed by the government of Puerto Rico through the issue of securities by the Government Development Bank and other government agencies. History In May 2007, local economists expressed serious concerns when it was revealed that the Puerto Rico public debt equaled to 76% of its gross national product (GNP), making it one of the most indebted countries by percentage in the world, even more than the United States. During the fiscal years 2016-2017 debt rose from 93% to 95% of its gross national product (GNP). Economists have criticized the government's fiscal policy, whose level of expenditures and indebtness has increased significantly within the past decade while the economy was grown at a much slower pace. Between 2000 and 2006 alone, Puerto Rico's GNP rose 5.37%, while its public debt's relation to GNP rose 18%. On February 4, 2014 Standard & Poor's downgraded the debt of Puerto Rico to junk status. By early 2017, the Puerto Ric ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Guaynabo, Puerto Rico
Guaynabo (, ) is a city, suburb of San Juan and municipality in the northern part of Puerto Rico, located in the northern coast of the island, north of Aguas Buenas, south of Cataño, east of Bayamón, and west of San Juan. Guaynabo is spread over 9 barrios and Guaynabo Pueblo (the downtown area and the administrative center of the suburb). Guaynabo is considered, along with its neighbors – San Juan and the municipalities of Bayamón, Carolina, Cataño, Trujillo Alto, and Toa Baja – to be part of the San Juan metropolitan area. It is also part of the larger San Juan-Caguas-Guaynabo Metropolitan Statistical Area, (the largest MSA in Puerto Rico). The municipality has a land area of and a population of 89,780 as of the 2020 census. The municipality is known for being an affluent suburb of San Juan and for its former Irish heritage. The studios of WAPA-TV is located in Guaynabo. History The first European settlement in Puerto Rico, Caparra, was founded in 1508 b ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
List Of Bonds Issued By Puerto Rico
Bonds issued by the government of Puerto Rico and its subdivisions are exempt from federal, state, and local taxes (so called "triple tax exemption"). However, unlike other triple tax exempt bonds, Puerto Rican bonds uphold such exemption regardless of where the bond holder resides. This has made Puerto Rican bonds extremely attractive to municipal investors as they may inure from holding a bond issued by a state or municipality different from the one where they reside. This advantage strives from the restriction typically imposed by municipal bonds enjoying triple tax exemption where such exemptions solely apply for bond holders that reside in the state or municipal subdivision that issues them. This factor, along with many others, led Puerto Rico to issue bonds up to today's outstanding debt of US$71 billion—an amount approximately equal to about 68% of Puerto Rico's gross domestic product (GDP). These actions, along with a series of negative cash flows and a depression, ulti ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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