(a) A tax shall be imposed and collected, in addition to other taxes imposed by law to life insurance companies, in the amount of point ten percent (.10%) on the total amount of assets at the close of its taxable year in the separate accounts maintained by said life insurance company established under the terms and conditions provided in §§ 1363—1369 of Title 26, as shown on the annual report required from the life insurance company under the Insurance Code of Puerto Rico.(b) The tax imposed by this section for any taxable year shall be reported and be payable in its entirety by the life insurance company not later than the due date prescribed by this part to file its income tax return for that taxable year. History —Jan. 31, 2011, No. 1, § 1023.01, retroactive to Jan. 1, 2011.
Puerto Rico Legal Code