2023 Laws of Puerto Rico › TITLE THIRTEEN - Taxation and Finance (§§ 1 — 33423) › Subtitle 15 - Puerto Rico Industrial Incentives Generally (§§ 10001 — 10855) › PART II - Tax Incentives Act of 1998 (§§ 10101 — 10117) › Chapter 905 - Tax Incentives Act of 1998 (§§ 10101 — 10117) › § 10113 - Reports required from exempted businesses and their stockholders or partners

(a) All exempted businesses shall file an income tax return each year with the Secretary of the Treasury, regardless of their gross or net income, apart from any other tax return which these are otherwise under the obligation to file with regard to the operations of the industry covered by the benefits provided in this part, and pursuant to the Puerto Rico Internal Revenue Code in effect.
(b) All stockholders or partners of an exempted business shall file an income tax return each year with the Department of the Treasury pursuant to the provisions of the Puerto Rico Internal Revenue Code, provided that they have the obligation under said Code to do so.
(c) The exempted businesses shall also be bound to maintain a separate accounting system regarding their operations, as well as the necessary records and files. They shall also provide and submit those sworn statements and comply with the rules and regulations in effect so as to fulfill the purposes of this part so that the Secretary of the Treasury may prescribe from time to time those matters regarding the levy and collection of all types of taxes.
(d) All exempted businesses shall file a report each year with the Tax Exemption Office, with a copy to the Secretary of the Treasury, not later than thirty (30) days after the date prescribed by law for filing the corresponding income tax return, including the extensions granted for this purpose, authenticated with the signature of the president, managing partner, or authorized representative, which shall contain a breakdown of data reflecting their compliance with the conditions established in the decree for the taxable year immediately preceding the filing date, including the following, without it being construed as a limitation: the average number of jobs; the products manufactured or services rendered; the investment in property intended for industrial development; the amount invested in any of the activities qualified by this part and Section 1231 of the Puerto Rico Internal Revenue Code; the date of the investment and terms thereof; the income taxes, property taxes and municipal licenses paid; the amounts and types of investments in eligible funds; and any other related information. This report shall include a postal or bank money order or a certified check for three hundred dollars ($300.00) issued to the Secretary of the Treasury. The information provided in this annual report shall be used for statistical purposes and economic studies, as provided in this part.
(e) All exempted business shall file the duly completed reports required by the Commissioner.
(f) After being duly informed by the concerned agency, the Director shall 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 of the Treasury, the Administrator, the Director or the Commissioner, pursuant to the provisions of subsections (a) through (e) of this section, or in which the reports are filed after their due date. Should the exempted business again incur the same fault, 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 case of a third and subsequent infractions. The Tax Exemption Office may file a civil suit for the collection of said administrative fines at the General Court of First Instance of Puerto Rico, Superior section, San Juan Part, which shall have exclusive jurisdiction over said proceeding, or may consider the case for the corresponding sanction pursuant to the provisions of § 10111(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 any omission in the required report and said exempted business fails to submit the missing information within fifteen (15) days of notice thereof, or fails to provide a reasonable justification for not doing so.
History —Dec. 2, 1997, No. 135, § 14, eff. Jan. 1, 1998.