Puerto Rico lawmakers say a tax plan backed by Gov. Pedro Pierluisi still falls short of being the long-sought tax overhaul the island desperately needs.

After years of modifications, Puerto Rico still has one of the most complex tax systems in the US, with over 400 tax breaks, deductions, credits, and exemptions.

The Democratic governor presented a proposal earlier this year that would lower income taxes for both individuals and corporations and simplify the US territory's tax code. The Senate says it’s working on a counter-proposal but has provided few details.

Bloomberg Tax’s Angélica Serrano-Román and Bloomberg News’ Jim Wyss sat down with Kenneth Rivera Robles, a tax partner at Galíndez LLC and treasurer of the board for Puerto Rico's Manufacturers Association, Sen. Juan Zaragoza Gómez, president of the Puerto Rico Senate’s finance committee, and Ella Woger-Nieves, the CEO of Invest Puerto Rico.

Do you have feedback on this episode of Talking Tax? Give us a call and leave a voicemail at 703-341-3690.