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Puerto Rico

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About

Puerto Rico

Capital
Official languages
Population 
Currency

ISO 4217

San Juan

Spanish and English

3,195,153 (as of July 2019)

Puerto Rican Dollar

PR

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Economy

"Puerto Rico's economy has been struggling in recent years, with the island's GDP declining by 1.2% in 2019. This is largely due to the impact of Hurricane Maria in 2017, which caused an estimated $90 billion in damages. The unemployment rate in Puerto Rico is also high, standing at 11.2% in 2019. This is significantly higher than the US national average of 3.7%.

The Puerto Rican government has taken steps to improve the economy, including tax incentives for businesses and investments in infrastructure. These efforts have resulted in some positive economic growth, with the GDP increasing by 0.7% in 2020. Additionally, the unemployment rate has decreased to 10.2%, although it is still higher than the US average.

Overall, Puerto Rico's economy is still in a fragile state, but there are signs of improvement. With continued investment in infrastructure and tax incentives, the island's economy could continue to grow in the coming years."

Taxation

As a territory of the United States, Puerto Rico has a unique tax system that differs from the federal system in the mainland US. 


For individuals, Puerto Rico has its own tax system, and residents are subject to tax on their worldwide income. The tax rates are progressive, ranging from 0% to 33%, depending on the amount of income earned. There is also a sales tax of 11.5%, which is included in the price of goods and services.


For corporations, Puerto Rico has a separate corporate tax system, and corporations are subject to tax on their worldwide income earned from Puerto Rico sources. The tax rate is a flat 37.5% on net income, with certain tax incentives available for eligible businesses.


The process of tax payment and calendar for payments varies depending on the type of taxpayer. Generally, individuals must file their tax returns and make payments by April 15th of each year. Corporations, on the other hand, must file their tax returns and make payments on a quarterly basis throughout the year. The exact deadlines and requirements can vary based on the specific circumstances of the taxpayer, so it's important to consult with a tax professional or the Puerto Rico Department of Revenue for specific information.

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