Tuesday, January 4, 2011

Statehood Party Leaders Sign MOA in favor of CFC's

The existence of Controlled Foreign Corporation in the US Territory of Puerto Rico is an obstacle to the achievement of statehood for Puerto Rico. This is a well known impediment and not unknown to Statehood leaders. 


As an example, David P. Lewis, Vice President-Global Taxes & Chief Tax Executive & Assistant Treasurer of Eli Lilly & Company said on March 2010, “if Puerto Rico becomes a state we would have to make structural changes and I prefer what we have now. In Puerto Rico we operate under the perspective that the status quo will remain".

"Statehood" Leaders, including Res Com Pierluisi and Governor Fortuño, lobbied intensively in Washington to protect the multinational corporations organized as CFC's, who benefit to the tune of billions of $$ a year as long as PR is considered a Foreign country by the IRS Code. This action is hypocritical and an act of treason to the millions of pro-statehooders in PR and the other 50 states.
MJ
MOA - MEMORANDUM OF UNDERSTANDING
JUNE 10, 2009