Puerto Rico - New requirement for supplemental information with CPA-audited financial statements filed with returns 

January 16:  New law enacted by the Commonwealth of Puerto Rico as “Act No. 163” (25 December 2013) amends and adds new sections to the various tax laws, and requires certain taxpayers to file audited financial statements with various tax returns.

To implement these measures, Puerto Rico’s Treasury Department issued Administrative Determination (AD) 13-22, which also delays application of some of the new rules.

Act No. 163

Prior law in Puerto Rico required taxpayers with gross revenues in excess of $3 million to file audited financial statements (i.e., audited by a CPA licensed to practice in Puerto Rico) with the taxpayers’ income tax returns, personal property tax returns, and volume of business declaration and corporation annual reports.


Under Act No. 163, these taxpayers must now also include in these statements certain supplemental information—i.e., other records and work papers used in the preparation of the statements and subjected to audit procedures.


Read a January 2014 report [PDF 215 KB] prepared by KPMG LLP.



For more information, contact a tax professional with KPMG in Puerto Rico:


Rolando Lopez

787-756-6020


Carlos Molina

787-622-5311




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