Puerto Rico (PR)

Jurisdiction Overview

IDQuestionAnswer
188 *Is there an obligation to keep accounting data? Yes
 Data Date: 2019

Notes

 
According to the General Corporations Act: "Every corporation organized under the laws of the Commonwealth shall keep and maintain in Puerto Rico such accounting books, documents and records (including inventory records) which suffice to: 1. Clearly establish the amount of gross income and deductions, credits and other details concerning the operations inside and outside of Puerto Rico, which must appear on the income tax returns which they file in the Commonwealth, and 2. clearly show the amount of its investments inside and outside of Puerto Rico, the property owned by the corporation and the amount of the capital invested in conducting business inside and outside of Puerto Rico." (General Corporations Act, Law No. 164 of 12/16/2009, as amended: Section 15.01).
 
DATA WARNING: Puerto Rico has not been reviewed by the Global Forum yet

Sources

http://web.archive.org/web/20191205152156/http://www.oslpr.org/download/en/2009/A-0164-2009.pdf
 
https://iclg.com/practice-areas/corporate-governance-laws-and-regulations/puerto-rico