P.R. Laws tit. 21, § 651c
From July 1, 1992, every person engaged for profit, in the rendering of any service, in the sale of goods, in any financial business, or in any industry or business in the municipalities of the Commonwealth of Puerto Rico, shall be subject to the payment of a license tax, except as otherwise provided in §§ 651–652y of this title.
Tax rates which apply to businesses subject to the payment of municipal license taxes for each fiscal year shall be fixed by the municipal legislatures according to the provisions of § 651d of this title. Municipal ordinances to such ends shall be approved at least thirty (30) days prior to the date fixed by law for the filing of the volume of business statement. If by July 1 of any fiscal year, the municipal legislatures concerned has not yet approved an ordinance to fix the tax rate that will govern during that fiscal year, the rate authorized by the municipal legislature for the previous fiscal year shall continue in effect. This will also happen in subsequent fiscal years until the municipal legislature modifies the aforesaid, as established in this section.
History —July 10, 1974, No. 113, Part 1, p. 371, § 4; Nov. 14, 1974, No. 4, Part 2, p. 718, § 1; Aug. 30, 1991, No. 82, § 2.