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As the cutoff point for income taxation in Puerto Rico is lower than that imposed by the U.S. IRS code and because the per-capita income in Puerto Rico is much lower than the average per-capita income of the US states, more Puerto Rico residents pay income taxes to the local taxation authority than if the IRS code were applied to the island.
The Internal Revenue Code of Puerto Rico (Spanish: Código de Rentas Internas de Puerto Rico) is the main body of domestic statutory tax law of Puerto Rico organized topically, including laws covering income taxes, payroll taxes, gift taxes, estate taxes, and statutory excise taxes. [1]
Puerto Rico residents impacted by severe storms that hit the island in early Feb. 2022 have been given an extension until June 15, 2022, to file individual and business tax returns and make their...
The Puerto Rico Department of Treasury (Spanish: Departamento de Hacienda de Puerto Rico) is the executive department of the government of Puerto Rico responsible for the treasury of the U.S. Commonwealth of Puerto Rico. It is one of the constitutionally-created executive departments and is headed by a Secretary. [1]
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Puerto Rico is classified as a high income economy by the World Bank and International Monetary Fund. [38] It is considered the most competitive economy in Latin America by the World Economic Forum and ranks highly on the Human Development Index. According to World Bank, gross national income per capita in Puerto Rico in 2020 was $21,740. [163]
Puerto Rico I/II - Income and deductions relating to Puerto Rican residents, and mainland US Residents with Puerto Rico sourced income International U.S. Citizens living abroad or with non-U.S. sourced income Foreign Student - Non-citizen students and scholars living in the United States on non-immigrant student visas. Military
The central government's main source of revenue is income tax imposed on individual citizens and private companies, which can amount to approximately $5.5 billion. [12] Other significant sources of revenue include excise taxes on imports, cigarettes, liquor, hotel rooms, cement, and vehicles ($2 billion); [12] and lotteries ($870 million). [16]