P.R. Laws tit. 21, § 5084
The appraisal of the property of every corporation that has not been incorporated in Puerto Rico but is engaged in the transaction of business in the Commonwealth, other than banks and banking institutions with capital shares, shall be made in the manner provided by this part for the appraisal of the property of institutions, corporations and companies incorporated pursuant to the laws of Puerto Rico. In order to determine the real and the cash value, as per the capital ratio of said corporations, only that part of the capital that they have employed in the transaction of business in Puerto Rico shall be considered and valuated; but said amount of capital will in no case be less than the value of the real and personal property located in Puerto Rico belonging to such corporations or companies, including as personal property all franchises or concessions granted to said corporations or companies pursuant to the laws of Puerto Rico. All obligations imposed on the institutions, corporations or companies incorporated pursuant to the laws of Puerto Rico, or indicated to their officials, regarding the completion and filing of returns under a sworn statement or otherwise, shall also include the corporations that have not been incorporated in Puerto Rico and their officials.
In the case of banks or financial institutions with capital shares not incorporated in Puerto Rico, the personal property tax shall be levied on the market value amount of the assets and personal property belonging to said institutions.
The personal property of banking institutions consisting of cash accounts shall be appraised on the basis of the average monthly balance reflected by each account on the institution’s accounting books kept during the calendar year prior to the date of appraisal. The term “cash accounts” shall be construed to mean all accounts deposited in other financial institutions.
All obligations imposed on institutions, corporations and companies, including banks incorporated pursuant to the laws of Puerto Rico, or their officials, regarding the completion and filing of returns, the presentation of statements under oath or otherwise, shall apply equally to the banks described in this section and their officials.
History —Aug. 30, 1991, No. 83, § 3.34.