2023 Laws of Puerto Rico › TITLE THIRTEEN - Taxation and Finance (§§ 1 — 33423) › Subtitle 8 - Additional Income and Internal Revenue Tax Provisions (§§ 1881 — 2272v) › PART II - Additional Taxes (§§ 2021 — 2272v) › Chapter 214 - Certificates of Deposit to the Bearer (§§ 2251 — 2251h) › § 2251b - Form of payment and obligations—To withhold

Any person who presents a bearer certificate of deposit for redemption, transfer, conversion or any other transaction which is subject to the imposition of the tax levied by this chapter may choose to pay his tax directly to the Secretary or authorize his financial institution to withhold and pay it to the Secretary of the Treasury. In the event that the taxpayer chooses to pay the tax directly to the Secretary, the financial institution may not carry out any transaction with the bearer certificates of deposit involved until the corresponding document from the Department of the Treasury attesting that the tax in question was duly paid or that there is no obligation to pay the same is presented.
In the case of a bearer certificate of deposit used prior to August 10, 1985, as collateral for the payment of an obligation, the taxpayer shall also have the option of paying the tax directly to the Department of the Treasury or authorize the financial institution to withhold and pay the tax. In this case, the financial institution concerned cannot compensate the payment of the obligation with the worth of said certificate of deposit until it is presented with the corresponding Department of the Treasury document attesting that the total tax in question was paid to it directly.
If the taxpayer subject to the payment of the tax levied by this chapter does not pay it within sixty (60) days from the maturity date of the certificate of deposit, the financial institution may compensate the obligation with the value thereof used as collateral or security. Provided, That in these cases the financial institution shall have the obligation to submit all information in its power to the Secretary regarding the identity of the debtor and/or successors, as the case may be, who used said certificate as collateral. Provided, That if there were any matured certificate of deposit as of December 31, 1985, that has not been presented for redemption, transfer, conversion or any other transaction, the financial institution shall have the obligation to deduct and withhold the tax on said certificate imposed herein. Provided, further, That in the case of certificates of deposit whose maturity date is after December 31, 1985, the financial institution shall have the obligation to submit to the Secretary a list of said certificates including their date of maturity and shall deduct and withhold the tax imposed by this chapter as of the certificate’s date of maturity, transfer or conversion. In this case, the computation of the special tax shall be made on the principal amount plus accrued interest as of December 31, 1985.
Any person who is adversely affected by a decision or determination of the Secretary issued under this chapter may request its reconsideration within fifteen (15) days following the date of notice of such decision or determination. The Secretary shall decide on the requested reconsideration within thirty (30) days following the date it is presented.
Any party which is adversely affected by the decision in the Secretary’s reconsideration may request judicial review thereof before the part of the Court of First Instance corresponding to said person’s residence within thirty (30) days following the date of notice of the Secretary’s decision on reconsideration.
Despite the fact that an appeal for judicial review has been brought, the Secretary’s decision shall remain in full force until the Court of First Instance issues an order revoking or modifying it.
If the writ of review is issued, the court must resolve it within thirty (30) days following the date the case was submitted.
History —Aug. 12, 1985, No. 1, p. 811, § 3.