Puerto Rico, located in the Caribbean Sea, is an archipelago that includes the main island of Puerto Rico and a number of smaller islands. The capital of Puerto Rico is San Juan, the official languages are English and Spanish, and the currency is the United States dollar (USD).
Puerto Rico is a Commonwealth of the United States. Puerto Ricans were granted US citizenship in 1917. In 1952, a constitution was enacted providing for internal self-government.
Puerto Rico has one of the most dynamic economies in the Caribbean region. A diverse industrial sector has far surpassed agriculture as the primary locus of economic activity and income. Encouraged by duty-free access to the United States and by tax incentives, US firms have invested heavily in Puerto Rico since the 1950s. Tourism has traditionally been an important source of income, with estimated arrivals of more than 5.2 million tourists in 2017.
PwC Puerto Rico supports clients with the local knowledge, including tax knowledge, and skills of its people and with access to a broad range of other professionals across the PwC global network of firms. PwC Puerto Rico serves a variety of industries, including manufacturing, pharmaceutical, technology, professional services, retail, insurance, and communications, among others.
|Corporate income tax (CIT) rates|
|Headline CIT rate (%)||39 (i.e. 20% + 19% surtax on income over USD 275,000). For years commenced after 31 December 2018, the rate would be 37.5 (i.e. 18.5% + 19% surtax on income over USD 275,000).|
|Corporate income tax (CIT) due dates|
|CIT return due date||By the 15th day of the fourth month following the close of its tax year.|
|CIT final payment due date||By the 15th day of the fourth month following the close of its tax year.|
|CIT estimated payment due dates||Equal instalments on the 15th day of the fourth, sixth, ninth, and 12th month of the taxable year of the corporation.|
|Personal income tax (PIT) rates|
|Headline PIT rate (%)||33, plus 5% gradual adjustment tax|
|Personal income tax (PIT) due dates|
|PIT return due date||15 April|
|PIT final payment due date||15 April|
|PIT estimated payment due dates||Quarterly (15 April, 15 June, 15 September, and 15 January)|
|Value-added tax (VAT) rates|
|Standard VAT rate (%)||Sales and use tax: 11.5% for tangible personal property and certain services; 4% for business-to-business services and designated services.|
|Withholding tax (WHT) rates|
|WHT rates (%) (Div/Int/Roy)||Resident: NA;
Non-resident: 15 (individual) or 10 (corporation) / 29 / 29
|Capital gains tax (CGT) rates|
|Corporate capital gains tax rate (%)||20|
|Individual capital gains tax rate (%)||See Puerto Rico's individual tax summary for capital gain rates.|
|Net wealth/worth tax rates|
|Headline net wealth/worth tax rate (%)||NA|
|Inheritance and gift tax rates|
|Inheritance tax rate (%)||NP|
|Gift tax rate (%)||NP|