![]() ![]() In the event that the volume of business does not exceed USD 3 million, a balance sheet prepared under Generally Accepted Accounting Principles (GAAP) by a person with a general knowledge in accounting has to be submitted along with the corporate annual report. In the case of for-profit corporations, if the volume of business exceeds USD 3 million, the annual report must be accompanied by a balance sheet certified by a certified public accountant (CPA) licensed in Puerto Rico. The report should be filed through the Puerto Rico Department of State's website. This annual report must be filed by the 15th day of April along with a USD 150 annual fee and a balance sheet as of the close of operations of the prior year. ![]() Annual reportĮvery corporation is required to file an annual corporation report with the Puerto Rico Department of State. Failure to pay the tax by the due dates indicated above may result in a penalty of 10% of the instalment due. Any tax not covered by the estimated tax payments should be paid along with the CIT return. The estimated payments should equal or exceed 90% of the actual tax for the year (including AMT) or, in cases where a CIT return was filed by the corporation in the preceding year, 100% of such tax liability. The amount of estimated income taxes should be paid on equal instalments on the 15th day of the fourth, sixth, ninth, and 12th month of the taxable year of the corporation. Payment of taxĪ corporation must substantially satisfy its annual income tax liability, if any, through estimated income tax payments. ![]() Taxpayers are also generally required to file a personal property tax return by 15 May and a volume of business declaration by the fifth business day after 15 April. Failure to timely file can result in penalties. In general terms, a taxpayer can obtain an automatic extension of six months to file its income tax return. A taxpayer that is an exempt business is required to file an annual income tax return by the 15th day of the sixth month following the close of its taxable year. A taxpayer that is treated as a pass-through entity is required to file an annual income tax return by the 15th day of the third month following the close of its taxable year. A corporate taxpayer is required to file an annual income tax return by the 15th day of the fourth month following the close of its tax year. The Puerto Rico tax system is based on the principle of self-assessment. The annual accounting period may be on the basis of the calendar year, a fiscal year ending on the last day of a month, or a 52/53 week year. ![]()
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