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Puerto Rico Oversight Board wants the Commonwealth to become manufacturing center of US products

26 March 2020

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Tax Alerts, Legislation & Policy, National/Federal Taxation

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Puerto Rico

The Financial Oversight and Management Board for Puerto Rico (Oversight Board) sent a letter to United States (US) President Trump asking for Puerto Rico to play “a leading role” in the increased manufacture of American pharmaceuticals. The Oversight Board’s message was prompted by public dialogue about potential policy changes that would redirect the manufacturing of pharmaceutical and medical products to the United States.According to the Oversight Board, Puerto Rico is a major center for pharmaceutical and medical device manufacturing, as “8% of pharmaceutical expenditures by Americans are for products manufactured in Puerto Rico.” The Oversight Board said the Puerto Rico...