December 7, 2017 / 12:59 AM / 11 days ago

Puerto Rico and bond insurer tangle over Maria's effect on taxes

Bond insurer Ambac Assurance Corp should be barred from reviewing internal policy discussions by officials in Puerto Rico that led to thousands of businesses receiving tax exemptions in the aftermath of Hurricane Maria, according to the island’s fiscal agency.

Ambac has no right to “granular details” of how Puerto Rico is going about collecting sales-and-use tax (SUT) that back so-called COFINA bonds, the Puerto Rico Fiscal Agency and Financial Advisory Authority argued in court appears filed on Tuesday.

To read the full story on Westlaw Practitioner Insights, click here: bit.ly/2ivl29x

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