Puerto Rico Department of Treasury Tax System

Puerto Rico Department of Treasury Tax Return System

Corporations and individuals that live and operate in Puerto Rico, has to file a tax return in order to be in compliance with the policies of the Puerto Rico Department of Treasury. This government entity has about over one hundred tax returns and forms. Such returns and forms have the commitment to monitor such compliances and to raise funds in accordance with the Puerto Rican laws.

Tax return system for individuals

According to the Puerto Rico Department of Treasury (2013), every individual resident of Puerto Rico who is an individual or married taxpayer, whose gross income for the taxable year exceeds five thousand dollars has to file a tax return. In order to comply with the Puerto Rican laws, the individual has to file their returns before April 15 of the next year. The filling process in this occasion is done yearly and the submission process can be done electronically through different tax systems supported by the government entity, mailing the tax return or visiting any authorized office to hand it in personally.

Tax return system for corporations

In the corporation environment, the department of treasury becomes more aggressive by implementing different excise taxes to the different industries that operate in the island. In this occasion the return system will be based on publisher of books. This type of entity has the commitment to file in multiple tax returns to the department of treasury. Between such returns, the most important ones are the corporate return, the state tax return, and the income tax withheld.

Corporate tax return. This document is filled by the corporations to report the earnings and loses to the Puerto Rico Department of Treasury. If the corporation has a high earning volume, the document should be accompanied by audited financial statements including the report of the certified public accountant (Puerto Rico Department of Treasury, 2013). The submission process...