Saturday, June 21, 2014

High Volume Business Supplementary Information

In December of 2013, Puerto Rico enacted legislation known as Act 163 that added new requirements for filing in regard to high volume business. Among other things, taxpayers with a volume of business equal to $3 million dollars or greater are required to file supplemental information.  

Supplemental information includes:

Volume Business Declaration which contains information on total gross income, itemized income, sales returns.  For business like gas stations a declaration on the volume of gas sold is required.

Personal Property Tax Supplemental Information
Beginning year cash balances, cash in transit, Inventory

Income Tax Supplemental Information
Verification of withholdings and payment of wages, verification of proper sales and use tax payment, etc.

There are more rules and this post contains simplifications and is not comprehensive. Additionally, as always, a professional should be consulted and be presented with specific information.

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Disclaimer
The information on this website is general information and is for educational use only and has not been verified for accuracy nor completeness. You, the reader, should further research your specific individual situation. In addition you should contact your accounting professional for professional advice derived from specific details from your structure and financial position.

1 comment:

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