Wednesday, February 8, 2023

Forged Under Fire

By on March 26, 2022

Treasury Secretary Parés Faces Tax Challenges Head-On

P.R. Department of Treasury Secretary Francisco Parés announced new regs from the IRSP.R.

Puerto Rico Treasury Secretary Francisco Parés is a man on a mission to build a tax base— keep it from eroding, really—as he pushes tax collecting initiatives on
multiple fronts.

The upstart tax chief went from the frying pan into the fire when his boss, then-Treasury Secretary Raúl Maldonado was forced to resign from his post after he made assertions in a radio interview in May 2019 that there was an “institutional mafia” at the department that was trying to extort him. Maldonado now faces charges for violating the commonwealth’s ethics and penal codes for not disclosing $200,000 in income between 2016 and 2018.

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