5203

(a) Persons subject to payment of personal property taxes.— Any natural or juridical person engaged in an industry or business who by the first of January of each year is the owner of personal chattels used in his/her industry or business even though it may be leased to another person, or is held by him/her in a fiduciary capacity, will be subject to the personal property tax levied by law and shall annually render an income tax return on personal property to the Collection Center, on the tax return form provided by said Center for such a purpose. When the owner of the property is domiciled outside Puerto Rico, or cannot be located or identified, this responsibility shall rest on the person who holds said personal chattels. Said return shall be filed under penalty of perjury. In the case of corporations the return must be sworn by the president, vice-president or any other principal officer and by the treasurer or deputy treasurer and in the case of a partnership, by a managing partner.\nIn the case of corporations whose gross income exceeds three million dollars ($3,000,000), the tax return shall be sworn by the president, vice-president or any other chief executive official, or

r.\nIn the case of corporations whose gross income exceeds three million dollars ($3,000,000), the tax return shall be sworn by the president, vice-president or any other chief executive official, or by the treasurer or vice-treasurer, and in the case of a partnership by a managing partner.\n(b) Persons not subject to payment of taxes.— Individuals, partnerships or associations that as of January 1 of each year own, or have under their exclusive control tax exempt property as listed in §§ 5151 and 5185 of this title shall not be subject to taxation nor will they be bound to file a tax return on personal property. Provided, That those natural or juridical persons who as of January 1 of each year own, or have under their control tax exempt or exonerated property as established by this part, as well as property subject to taxation, shall be bound to file the tax return on personal property which shall include the exempt and exonerated property as well as that property which is subject to taxes.\n(c) Revised tax returns and tax returns enclosed with financial statements audited by certified public accountants.— Every corporation, except for non profit corporations and without capital

taxes.\n(c) Revised tax returns and tax returns enclosed with financial statements audited by certified public accountants.— Every corporation, except for non profit corporations and without capital stock, and/or for [profit] corporations whose volume of business does not exceed three million dollars ($3,000,000) a year, must submit their tax return revised by a certified public accountant licensed by the Commonwealth of Puerto Rico enclosed with financial statements (balance sheet, income and expense statement, cash flow statement and the corresponding notations to the financial statements) corresponding to the corporation’s last year of operations.\n(d) The Collection Center shall annually indicate as part of the instructions on the tax return to be rendered, the corresponding total percentages of Commonwealth or municipal property taxes.\nHistory —Aug. 30, 1991, No. 83, § 6.03; Aug. 6, 1992, No. 45, § 6; Aug. 1, 2008, No. 147, § 7.