Puerto Rico Clauses Relating to Accounting Matters
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How to fill out Clauses Relating To Accounting Matters?
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FAQ
A domestic corporation is taxable in Puerto Rico on its worldwide income. A foreign corporation engaged in trade or business in Puerto Rico is taxed at the regular corporate tax rates on income from Puerto Rico sources that is effectively connected income.
A foreign corporation may be engaged in trade or business in Puerto Rico as a division or branch of that foreign corporation, or as a separate corporation or subsidiary.
If the volume of business is under three million dollars, the statement must be prepared in ance with GAAP. If the corporation's volume of business is over three million dollars, then the statement must be audited by a certified public accountant licensed to practice in Puerto Rico.
If your LLC is taxed as a Puerto Rico corporation, you'll need to pay corporate income tax. Puerto Rico's corporate tax rate is 37.5%. However, under the Puerto Rico Incentives Code (Act 60), businesses based in Puerto Rico only need to pay a 4% corporate income tax on goods and services exported from the commonwealth.
As Puerto Rico is under United States sovereignty, U.S. federal law applies in the territory, and cases of a federal nature are heard in the United States District Court for the District of Puerto Rico.