2023 Laws of Puerto Rico › TITLE THIRTEEN - Taxation and Finance (§§ 1 — 33423) › Subtitle 15 - Puerto Rico Industrial Incentives Generally (§§ 10001 — 10855) › PART I - Industrial Incentives (§§ 10001 — 10052) › Chapter 904 - Puerto Rico Tax Incentives Act of 1987 (§§ 10038 — 10052) › § 10048 - Reports required from exempted businesses

(a) Regardless of the amount of its gross or net income, every exempted business shall file an annual income tax return with the Secretary of the Treasury, separate from any other return it is required to file, with regard to the business operations of the exempted business and in accordance with the Income Tax Act in force.
(b) The exempted business shall also be required to keep the accounting records relative to its operations separately in Puerto Rico as well as the necessary records and files, and to render and submit such sworn statements and comply with the rules and regulations in force for the proper compliance of the purposes of this chapter and which the Secretary of the Treasury may prescribe from time to time in connection with the levying and collection of all kinds of taxes.
(c) No later than thirty (30) days after filing its income tax return, every exempted business shall file a report annually at the Industrial Tax Exemption Office and at the Department of the Treasury, authenticated by the signature of the President or his/her authorized representative, which shall include a listing of data that reflect compliance with the conditions established in the decree for the taxable year immediately preceding the date of filing, including, without it being understood as a limitation, the following: average employment, products manufactured or services rendered, investment in property dedicated to industrial development, total investment in any of the activities classified in this subtitle and in § 8615 of this title, date of the investment and term of the same, income tax, property tax and municipal business licenses tax paid, amount and type of investment in eligible funds and any other related information. This report shall be accompanied by a postal or bank money order or certified check for three hundred (300) dollars payable to the Secretary of the Treasury. The information given in this annual report shall be used for statistical purposes and economic studies as provided in this chapter.
(d) Every exempted business shall file duly completed reports and surveys for the preparation of statistics and economic studies that from time to time may be requested by the Director in the performance of his duties.
(e) Every exempted business shall file the duly completed reports that may be requested by the Office of the Commissioner of Financial Institutions.
(f) The Director, after having been informed by the agency concerned, may impose an administrative fine of one hundred dollars ($100.00) in the case of a first infraction, for each calendar month in which any exempted business fails to file any of the reports required by the Secretary, the Administrator, the Director or the Office of the Commissioner of Financial Institutions, pursuant to the provisions of subsections (a)—(e) of this section, or that files said reports after their expiration date. Should the same fault be repeated, the fine may be of two hundred and fifty dollars ($250.00) for each month in the case of a second infraction; and of one thousand dollars ($1,000.00) for each month in the case of a third and subsequent infractions. The Office of Industrial Tax Exemption may bring a civil action to collect said administrative fine in the Court of First Instance of Puerto Rico, San Juan Part, which shall have exclusive jurisdiction to hear this proceeding, or it may consider the case to set the corresponding sanction pursuant to the provisions of § 10046(c)(1)(A) of this title. The filing of an incomplete report shall be deemed as not filed, if the agency concerned notifies the exempted business of an omission in the required report and said exempted business does not submit the missing information within fifteen (15) days after being notified, or does not reasonably justify the omission.
History —Jan. 24, 1987, No. 8, p. 949, § 10; Aug. 21, 1990, No. 45, p. 188, § 2; Aug. 23, 1994, No. 97, § 1; Oct. 27, 1995, No. 218, § 10, eff. Jan. 1, 1996.