COMMONWEALTH OF PUERTO RICO WHO WHEN WHERE

COMMONWEALTH OF PUERTO RICO
MUNICIPAL REVENUE
COLLECTION CENTER
INSTRUCTIONS FOR FILLING OUT THE PERSONAL
PROPERTY TAX RETURN
YEAR
2012
INSTRUCTIONS
WHO
MUST FILE A PERSONAL
PROPERTY TAX RETURN
Every natural person or legal entity engaged
in an Industry or business which on
January 1, 2013 is an owner of personal
property is rented to another person or in the
possession of such property where the owner
is outside Puerto Rico or cannot be located,
shall complete and file such return.
WHEN
WHERE
THE RETURN MUST BE FILLED
THE PERSONAL PROPERTY RETURN MUST
BE FILLED
The due date to file and pay the personal property tax will be not
layer than,
May 15, 2013
INTERNET PAYMENTS
You can make you payment in our internet page:
www.crimpr.net
You have to include the payment confirmation receipt, when
the Personal Property Tax return is filed.
Municipality
GENERAL INSTRUCTIONS
1. Prior to preparation of the self-assessment personal property tax return, it is very important that
you read these instructions. Should your case present a special situation or should you have a
problem for which a solution is not provided in these instructions, please visit any of the nine
regional offices located in Aguadilla, Arecibo, Bayamón, Caguas, Carolina, Humacao, Mayagüez,
Ponce y Santurce.
2. TAX LIABILITY PAYMENT
You can make the payment of your Personal Property Tax Return in any Branch of Banco Popular
of Puerto Rico or in any of our Regional offices. To make payment, use form BC-47 Payment
Voucher- Personal Property Tax 2012. See instructions included in the Form BC-47. Also in our
internet page www.crimpr.net you can make a payment, print the confirmation receipt and
include it with your return.
3. WHERE TO OBTAIN THE CORRESPONDING FORMS
Included Form BC-47 Payments Voucher, Personal Property Tax 2012
The Personal Property Tax Return and the other documents will be available in the Regional Office
mentioned above, Central Office and the municipalities. Also in our internet page
www.crimpr.net the documents are available, except for the payment voucher.
4. NAME, ADDRESS AND ACCOUNT NUMBER
Indicate clearly the name, address and account number (social security). In the case that the tax
payer be an individual, you must include the spouse account number (social security).
5 TAX RATES
The following tax rates have been printed in this table for your convenience. It is very important
that you verify the tax rate selected before the filling of the Personal Property Tax Return; if you
select a lesser tax rate, you will lose the five (5) percent payment discount allowed by the Article
6.05 of the Act. No. 83, approved on August 30, 1991, as amended.
TAX RATES TABLE
YEAR 2012
Municipality
Adjuntas
Aguada
Aguadilla
Aguas Buenas
Aibonito
Añasco
Arecibo
Arroyo
Barceloneta
Barranquitas
Bayamón
Cabo Rojo
Caguas
Camuy
Canóvanas
Carolina
Cataño
Cayey
Ceiba
Ciales
Cidra
Coamo
Comerío
Corozal
Culebra
Dorado
Fajardo
Florida
Guánica
Guayama
(FISCAL YEAR 2013-2014)
Code
(34)
(26)
(01)
(45)
(68)
(28)
(06)
(72)
(07)
(41)
(15)
(55)
(46)
(04)
(80)
(20)
(14)
(70)
(53)
(37)
(44)
(66)
(43)
(40)
(77)
(11)
(24)
(81)
(59)
(71)
Tax Rate
6.33
6.83
6.83
8.33
6.08
6.68
8.33
6.83
8.33
6.08
7.58
6.83
7.83
6.83
6.83
8.33
8.33
8.58
5.80
8.33
8.33
8.33
7.08
7.83
6.83
8.83
6.83
8.33
8.58
8.08
Guayanilla
Guaynabo
Gurabo
Hatillo
Hormigueros
Humacao
Isabela
Jayuya
Juana Díaz
Juncos
Lajas
Lares
Las Marías
Las Piedras
Loíza
Luquillo
Manatí
Maricao
Maunabo
Mayagüez
Moca
Morovis
Naguabo
Naranjito
Orocovis
Patillas
Peñuelas
Ponce
Quebradillas
Rincón
Río Grande
Sabana Grande
Salinas
San Germán
San Juan
San Lorenzo
San Sebastián
Santa Isabel
Toa Alta
Toa Baja
Trujillo Alto
Utuado
Vega Alta
Vega Baja
Vieques
Villalba
Yabucoa
Yauco
The return may be handed in the Regional Center
of your area or at any Branches of Banco Popular
of Puerto Rico, when it requires personal property
tax payments.
The Regional Centers are located in:
1. Aguadilla
2. Arecibo
3. Bayamón
4. Caguas
5. Carolina
6. Humacao
Code
(61)
(16)
(47)
(05)
(54)
(51)
(02)
(36)
(64)
(49)
(57)
(33)
(31)
(50)
(21)
(23)
(08)
(32)
(74)
(29)
(27)
(38)
(52)
(42)
(39)
(73)
(62)
(63)
(03)
(25)
(22)
(58)
(69)
(56)
(79)
(48)
(30)
(67)
(12)
(13)
(19)
(35)
(10)
(09)
(76)
(65)
(75)
(60)
7. Mayagüez
8. Ponce
9. Santurce
Tax Rate
8.83
8.08
7.83
7.05
6.83
6.83
7.33
6.08
8.33
7.83
8.33
8.08
6.18
6.83
8.23
6.83
7.58
5.83
6.83
8.58
6.58
7.08
6.53
7.83
6.03
8.33
6.58
7.33
6.83
6.83
6.83
7.33
8.33
7.58
8.33
8.23
5.83
8.33
8.33
9.58
8.58
6.83
6.68
8.33
8.33
8.33
8.83
8.33
6 PENALTIES FOR FAILURE TO FILE THE PERSONAL PROPERTY
TAX RETURN OR OMIT INFORMATION
If a tax payer voluntarily fails under Act. 83, Approved on August 30, 1991, as
amended, to file the Property Tax Return and the reports required or refuses to file
or amend them when requested, due to incompleteness or unsatisfactory
information or fails to maintain in Puerto Rico its accounting records, documents or
any necessary evidence in addition to other penalties provided by law may be
found guilty of a misdemeanour our may be punished with a fine of five hundred
dollars ($500) penalty or imprisonment for six (6) months of both penalties at the
court’s discretion, plus the legal costs.
7. EXTENSIONS
(a) Automatic Extension: Non corporate taxpayers may request a thirty (30) days
automatic extension to file the return if required not later than May 15, 2013. Under the same
conditions corporate taxpayers, however, may request a ninety (90) days automatic extension
of time to file the return. A request for automatic extension of time for filing the property tax
return will not constitute an extension for the payment of the tax due. The extension request
must be filed with the corresponding tax due not later than May 15, 2013. The request for
automatic extension of time must be filed in original and two copies using Form AS- 30
available at the Municipal Revenue Collection Center (MRCC). The duplicate for Form
AS-30 must accompany the return as evidene of the extension due. The request for automatic
extension of time should come with a payment of the total tax.
b) Additional Extension: To be consider for an additional extension you have till sixty
(60) days after the automatic extension, this is for taxpayer who don't have corporations.
In the case of individual taxpayers who were outside of PuertoRico, the additional extension
may be mended up toa maximum of one hundred fifty (150) days. The additional extension
must be requested using Forms AS-31, which is available at the MRCC.
8. OTHER REPORTS AND DOCUMENTS REQUIRED
For every natual person or legal entity engaged in an industry or business and with
profit ( gross income without considering expenses or sales costs) exceeding one
million dollar ($3,000,000.) for the calendar year 2011 must accompany with the
revised property tax return financial statements certified by a Certified Public Accountant
licensed by the Commonwealth of Puerto Rico, who is neither a stockholder nor an employee
of the corporation; or by a partnership of Certified Public Accountants authorized by the
Puerto Rico Board of Accountancy to practice public accounting.
The financial statements must include the following:
a. Balance Sheet
b. Profit and Loss Statement
Division. Also include in the blank spaces provided on this line the name of the municipality
where the property is located, the code and the tax rate can be located in the tax rate table
of these instructions. In the space provided for the tax rate you should write the percentage
corresponding to the municipality where the personal property is located.
Line 7 - Tax Determined
Use only one of the two available alternatives, as follows:
(A) Applies when personal property is located in only one municipality. Include the tax
computed by multiplying the amount subject to tax in line 5 by the rate in line 6.
(B) Applies only when personal property included in the return (taxable or non taxable)
is located in more than one municipality. Specify quantity Complete Form AS-29.1
first, and as soon as you compute the tax due, transfer the amount from line 79 to this line.
Line 8 - Discount
The five percent (5%) discount applies to all taxpayers which pay the total tax due
not later than May 15, 2013, for the year 2012.
If an automatic extension of time is requested to file the return but the total tax due is paid
not later than May 15, 2013 and the final return is in accordance with the tax originally paid,
you have the right to the discount. However, if you do not pay the entire tax with the extension
request not later than May 15, 2013 you do not have the right to take the discount.
Line 9 - Interests, Surcharges and Penalty
(A) If payment is made after May 15, 2013, 10% interest will be computed.
(B) The first 30 days are free of surcharges. After May 15, 2013 for each month or
fraction, a 5% surcharge will be computed up to a maximum of 15%.
(C) Late filing penalty of 5% for each month will be computed up to a maximum
of 25%.
Line 10 - Tax Liability
c. Cash Flow Statement
d. Respective notes to the finacial statements.
If the corporation closes its operations as of any date other than December 31, 2012 a
Trial Balance as of January 1, 2013 should be submitted with a report of an accountant in
which in good faith attests that such reports is in conformity with the accounting records
of the business
In the case of foreign corporations doing business in Puerto Rico, such statements and trial
balance should include only the economic condition of the corporation in Puerto Rico.
This amount represents the tax liability that should be paid to the Municipal Revenue
Collection Center. (Deduct or add lines 8 or 9 from line 7)
Line 11 - Amount Paid
These amounts represent the manner in which the total tax liabiliry is to be paid
as follows:
(A) Include the amount that will be paid with this return.
(B) Include the amount paid with the automatic extension.
(C) Include the credit taken of taxes paid in excess of prior years.
9. PERSONAL PROPERTY TO BE ASSESED
Line 12 - Balance
All personal property not exempt from tasation shall be assessed as taxable. Fot the
purpose of self- assessment, personal property shall be deemed to include such machinery,
acceptable instruments or implements not attached to the building or affixed to the ground
in a manner showing permanence, livestock including cattle, money, whether in possession
of the owner thereof or other persons, bonds, stocks, rolling stocks, telephone lines, vessels,
merchandise inventory of any kind, and all other matters and things capable of private,
ownership, and not included within the term “Real Property” as such term is defined in Section
290 of the Political Code of Puerto Rico, but shall not included drawing accounts credits,
savings accounts, time deposits, promissory notes, or other personal credits.
Tax due to the Municipal Revenue Collection Center (line 9). This tax bears
interests until payment date.
SPECIFIC INSTRUCTIONS:
A- Personal Tax Return (Form AS-29)
1- SCHEDULE A, PAGE 2
Line 1 - Total Valuation
lf the personal property is located in only one municipality you should enter the total
value, including exempt and exonerated property, in accordance to Schedule C Page 3. If the
property is located in more than one municipality do not use lines 1 to 6 of Schedule A, but go
directly to Form AS-29.1, then continue completing from Line 7(B) on. IF SUBMITTED AN
EXTENSION, HAVE TO SUBMIT WITH THIS FORM, OTHER WISE DO NOT
CONSIDERED SUBMITTED.
Line 2 - Exempt Valuation
Include en Line 2 the exempt amount from page 5, Line 4, Schedule G.
Line 3 - Gross Valuation
Subtract from total valuation the exempt valuation.
Line 4 - Exonerated Valuation
Include on Line 4 the exonerated amount from Page 5, Line 2, Schedule H.
Line 5 - Valuation Subject to Tax
Subtract from Line 3 the amount on Line 4. The remainder represents the value of taxable
property subject to the tax rate of the appropiate municipality.
Line 6 - Municipality, Code and Tax Rate
This line should be used only for taxpayers whose personal property is located in only one
municipality. Those taxpayers whose personal property is located in more tha one municipality
should include with the tax return the Form AS-29-1, available at the Personal Property Tax
Page 2
Line 13 - Amount of Tax Overpaid
Applies when the taxpayer has made an overpayment.
Indicate if a credit for the 2012 Personal Propery Tax and/or Extension (Alternative A);
and/or a refund is claimed (Alternative B).
II- SCHEDULE F PAGE 4
OATHS
Return of individuals, partnerships, cooperatives, estates and trusts must be certified with a
written declaration that the information offered has been given under penalty of perjury.
On the cases of corporations, partnerships and cooperatives the
return must be sworn by the President or Vicepresident or any other principal officer
and by the Treasurer or Assistant Treasurer.
Make sure that the return has been signed before filing it and that the same is accompanied
by all documents required by Act. No. 83, approved on August 30, 1991 and its regulations,
otherwise it will not be considered as filed.
When the return is prepared by a person other than the taxpayer and such person receives
some kind of compensation for this service, he shall also sign the return as preparer and shall
indicate there in his address and social security number (see page 4 of the return).
III- SCHEDULE B, PAGE 3
GROSS PROFIT COMPUTATION
This section shall be used to determine the costs of sales percentage of those taxpayers;
engaged in any other activities other than purchase and retail sales should submit with the
return an Annex indicating the gross income.
The taxpayer elegible to enjoy the benefits of THE TAX EXONERATION should
fulfill this section.
IV- SCHEDULE D, PAGE 3
TAXABLE PERSONAL PROPERTY BELONGING TO OTHERS IN
HAND OF THE TAXPAYER
Include in this Section all taxable personal property belonging to others but in hands
of the taxpayers as of January 1, 2013.
V- SCHEDULE E, PAGE 3
MANDATORY INFORMATION FOR CORPORATIONS
Include in this Schedule a breakdown of all officers and directors of the corporation with
their postal address and date of expiration. Besides indicate if the corporation is domestic or
foreign. As additional information, the number of common and preferred shares by Puerto
Rico residents should be included.
VI. SCHEDULE G, PAGE 5
EXEMPTION
This Schedule will be used to determine the amount which is exempt from personal
property tax. THE EXEMPTION BY MUNICIPAL ORDINANCE CANNOT BE
TOTAL, A MANDATORY 1.03% WILL BE TAXES HENCE THIS PORTION IS
PART OF THE REGULAR TAX RATE IN EACH MUNICIPALITY. THE
MUNICIPALITY CANNOT HOLD THIS PER CENT FORM PAYMENT TO
WHICH THEY’VE GRANTED AN ORDINANCE.
EVERY PERSONAL PROPERTY TAX RETURN FILED REQUESTING AN
EXEMPTION MUST BE ACCOMPANIED BY ALL THE DOCUMENTS
EVIDENCING SUCH EXEMPTION.
Line 1 - DECREE (1963 ACT)
Enter the decree number, the effective date and the due date under the Industrial Incentives
Act of July 13, 1963 (Law 57) in accordance with the instructions which appear below for
each line:
(A)
(B)
(C)
(D)
(E)
Totally exempt amount under the decree.
Include the totally exempt amount under the decree.
Partially exempt amount.
Include the partially exempt amount under the decree.
Percentage exemption.
Include the exemption percentage as stated in the decree.
Exempt amount.
Multiply the amount subject to partial exemption by the exemption percentage
(Line 1B) by (Line 1C). Include the product in this line
Total exempt amount.
Add (Line 1A) and (Line ID) and enter the sum in this line. This sum
represents the total amount exempt under the 1963 Act.
Line 2 - DECREE (1978 and 1987 ACTS)
Enter the decree number, the effective date and due date under the Industrial Incentives Act
of June 2, 1978 (Law 26) and Act of January 24, 1987 (Law 8) in accordance with the
instructions which appear below for each line.
(A)
Total amount covered by the decree. Include the total amount covered by the
decree.
(B)
Less: Exemption. Section 3(b) (4) as the case may be.
Those exempted business dedicated to the manufacture of goods are annually exempted of
the first one hundred thousand dollars (100,000) of the total exemption of real and/or
personal property at the selection of the taxpayer.
If the exempt business dedicated to the manufacture of goods is a component member of a
controlled group of tax exempt corporations or is controlled in more than 50% by one or
more persons who direct or indirectly possessed at December 31 an exempt business then,
the first one hundred thousand dollars ($100,000) exemption shall be credited as follows:
1.
2.
3.
(C)
One hundred thousand dollars ($100,000) divided by the number of
exempted business who are components members of the group in such
year, or;
lf all component members of the exempted business controlled group
agree a prorated plan, that proportion of the one hundred thousand
dollars ($100,000) assigned to such members in conformity with the plan
cannot exceed the one hundred thousand dollars ($100,000).
The $100,000 exemptions do not apply to Act No. 8 of January 24, 1987.
Partially exempt amount.
Subtract (Line 2-B) from (Line 2-A). This amount represents the valuation
subject to partial exemption
(D)
Exemption percentage.
Include the exemption percentage as stated in the Governor’s Decree.
(E)
Exempt amount.
Multiply (Line 2-C) by (Line 2-D).
Add lines (2-B) and (2-E) and enter the sum in this line. This sum represents the total
amount exempt under the 1978 or 1987 Act. as the case may be.
Line 3 - Other exemptions
Include in this line any other special exemptions to which you are entitled such as: airline,
hospital, cooperatives, constructions material, commercial fishing vessels, etc.
Line 4 - Total exempt valuation
Add the amounts reported in lines 1-E), 2-F) and 3. Write the total in this line
and transfer it to Page 2, line 2, Schedule A, if you have personal property
in only one municipality or column 3 of Form AS-29-1 if you have personal
property in more than one municipality. The amount transferred to Form AS29-1, must be assigned to the municipality where it was located as of January 1,
2013.
VII. SCHEDULE H, PAGE 5
EXONERATION
This Schedule is used to determine the amount of the exoneration which entitled
and exoneration for personal property tax for retailers and/or persons engaged in
business or businesses who offer a service directly to the consumer. The
exoneration will not be higher than fifty thousand dollars ($50,000) in valuation
if the income for services and the annual volume of the net sales of the business
or businesses do not exceed one hundred and fifty thousand dollar ($150,000).
REQUIREMENTS, to obtain this exonerations:
a)
Filed the property tax return not later than May 15, 2013.
b)
Determined the taxable status of the property; and if indebted, the
taxpayer may formulate and obtain the approval of a payment plan
which may assure the settlement of the debt in arrears. If the
taxpayer obtains a payment plan in accordance with the above
provision, he must be up to date as of January first immediately
preceding the fiscal year for which tax exoneration is applied for.
c)
Be the owner of the business for which is applying the tax
exoneration, on or before January first, immediately proceeding the
fiscal year for which the tax ís computed.
d)
Professional services do not qualify.
The Schedule B (Gross Profit Computation) on page 3 and the space en page one
of the returns should be completed, to obtain this exoneration.
Line 1 - Include the value of property used to generate retail sales or
services.
The value of personal property engaged in retail sales and/or services, and
manufacturing and/or services at the same time and used in both operations must
be prorated, based on the sales or services volume.
The value however of property used exclusively to generate retail sales or
services will not be prorated.
Line 2 - Include the lesser of $50,000 or the amount reported in line 1.
Transfer the amount reported in this line to Line 4 of Schedule A, page 2, if you
have personal property in only one municipality or to column 3 of The Form
AS-29-1 column 3, if you have personal property in more than one municipality
as the case may be,
VIII- SCHEDULE C, PAGE 3
VALUATION
SUMMARY
EXONERATED PROP-ERTY
OF
TAXABLE,
EXEMPT
AND
1.
The amount reported in this Schedule must be including the taxable
as well as exempt or exonerated amounts which are required by the
law to be reported in the return. The segregation of the exempt or
exonerated amount is achieved by completing Schedules G and H.
2.
List carefully all tangible property in its corresponding columns and
municipality. lf the corporation owns tangible property in more
than one municipality it shall be listed in the Forms AS-29-1. All
tangible property shall be listed at its market value.
ITEM 1 - Cash on Hand
All money in the form of fractional coins and legal tender bills possessed by the
taxpayers as of January 1, 2013 including cash in transit not recognized as
deposits by banking institutions is taxable. The checks and deposits in bank are
not taxable.
In case of taxable cash or banking institutions, refer to Act No. 30 of Ma y 30,
1975.
The total amount of this item shall be listed in Schedule C, line 1, page 3.
ITEM 2 – Investments
The following are exempt from property taxes: stocks, bonds, shares, notes,
promissory notes and other securities and debt instruments and obligations
issued for institutions, corporations, societies and companies organized under the
laws of Puerto Rico.
Page 3
Item 3 - Inventories, (Merchants, Trademen or Manufacturers)
(1) The book value of the average monthly inventories includes among other things,
freights, insurance, excise taxes paid and unpaid, customs charges and another incidental
costs. Indicate the methods used in evaluating such monthly inventories. LIFO method
is unacceptable.
Its very important to accompany with your return the calculations used to determine the
monthly inventory. For such purposes you may use Form AS-29.3I or Form A-29.4I.
(2) To illustrate the form of calculation of monthly inventories using the Gross Profit
Method, see example below:
X CORPORATION
COMPUTATION TO DETERMINE MONTHLY INVENTORIES
CALENDAR YEAR 2012
Purchase
Net
INVENTORY
1-1-2012
January
31
February
28 ó 29
March
31
April
30
May
31
June
30
July
31
August
31
September 30
October
31
November 30
December 31
TOTAL
($47,050)
1,380
1,100
1,155
1,320
1,230
1,215
1,145
1,140
1,312
1,280
1,234
2,240
$15,751*
Sales
Net
$8,170
5,863
6,059
4,813
5,715
3,688
3,366
3,262
3,367
4,169
2,481
2,700
$53,743
Sales of
Cost
59.54%
$4,864
3,491
3,608
2,866
3,403
2,196
2,004
1,942
2,005
2,482
1,477
1,662
$32,000
When the taxpayer uses machinery and equipment built by himself, the determined
valuation shall be the market value of the machinery at the date when began to use it.
To determine valuation of case property with a purchase option shall be the market value
of such property at the beginning of the lease contract.
To determine the machinery and equipment value, you must segregate the same from
such machinery classified as real property.
The total of this item shall be listed in Schedule C, line 5 page 3.
Item 6 - Improvements
Lease hold improvements not adhered to the building or grounds in such manner not
indicating permanence shall be taxable.
Monthly
Inventories
Estimated
$43,566
41,175
38,722
37,176
35,003
34,022
33,163
32,361
31,668
30,466
30,223
30,801
$418,346
AVERAGE INVENTORY .....................................................$418,346
(divided by 12)...............................................................................................................$34,862
.....................................................................................................................................................
Inventory 1-1-2012 ........................ $47,050
Plus Purchases 2012....................... $15,741* ................................................................$62,801
Less Inventory 12-31-2012 .............................................................................................30,801
Cost of Goods Sold .......................................................................................................$32,000
Cost of Sales ($32,000 divided by
$53,743) equals ........................................................................................ 59.54%
Example of leasehold improvement classified as personal property are;
a) Movable or area rugs
b) Decorations, pictures, curtains, lamps, etc.
c) Counters
d) Any property that can be separated from the building without destruction
or damage of the real property or the property itself.
The total of this item shall be listed in Schedule C, Line 6, Page 3.
Item 7 - Any Other Personal Property
Enter in this item any other tangible personal property subject to tax that the taxpayer
possesses as of the assessment date not listed on the preceding items.
The following are examples of these personal property:
(1) Construction in process
That portion of the construction in process adhered to the building or ground in such
manner indicating permanence shall he classified as real property The wash stands, toilets
bath tubs, radiators, tubes, air conditioning and other similars are considered personal property
until they are adhered to the real property.
(2) Vessels
All vessels not used in any industries or business are exempt in accordance to the Act 26
of June 1, 1982, except those used for commercial fishing or rented for recreative purposes
duty registered in the Puerto Rico Port Authority.
(3) Airplanes
All airplanes used for air exempt in accordance to the Act 31 of May 7, 1980.
The total of this item shall be listed in Schedule C, Line 7, page 3.
To determine the twelve inventories by the Gross Profit Method add the net amount
of purchase of the month of January ($1,380) to the initial inventory ($47,050). The costs
of sales ($4,864) is then subtracted from this total, and you get the estimated inventory of
January 31. Then to the January inventory ($43,566) you add net purchases for the month
of February ($1,100) less the costs of sales ($3,491). This method is repeated to determine
the amounts of the inventories for the remaining months. Add the twelve inventories and
divide by 12 to obtain the average inventory.
The total of this item shall be listed in Schedule C, line 3, page 3.
ITEM 4 - Material and Supplies
In this item enter all inventories of materials and supplies.
(1) Materials and supplies of sugar mills; materials and supplies of manufacturing,
companies, such as labels, containers, papers, caps, corrugated cardboxes, wood boxes, bottles,
barrels, basket, pitchers, office prints, advertisements and others.
(2) Do not enter under this item raw materials used in manufacturing.
(3) Those materials and supplies of taxpayers other than merchants, manufacturers of
trades-people which in fact are not used for purchases and sales, shall be listed separately,
showing their market value as January 1, 2013.
The total of this item shall be listed in Schedule C, line 4, page 3.
Item 5. - Machinery end Equipment
In this item you should include the machinery and equipment not adhered to the
building or ground in such manner not indicating permanence.. These shall be evaluated
at book value except when:
(1) The owner of the machinery is a foreign entity or person not engaged in business in
Puerto Rico and not have a representative in Puerto Rico. In this case the machinery should be
valuated at its market value and is responsible for the taxes the entity of person who possesses
the machinery as of January 1, 2013.
(2) The book value is equal or less than 20%. In this case shall be valuated as follows:.
Useful Life
2 to 5 years
6 to 10 years
11 to 15 years
16 years or more
Page 4
Cost Percentage
20%
17%
15%
10%
3. Transfer the total amount reported in this Schedule to line 1 of Schedule A, page 2, if
you have personal property in only one municipality or to column 2 of Form AS-29-1 , if you
have personal property in more than one municipality.
B. ANNEXES
1. Form AS-29.1 - CALCULATIONS TO DETERMINE THE PERSONAL
PROPERTY TAX
This annex shall be used only for those taxpayers who possess personal property in
more than one municipality.
Transfer the total amount reported in this annex to line 7B of Schedule A, Page 2 of this
Return.
2. Form AS-29.2 I - BREAKDOWN OF BALANCE SHEETS ITEMS
Section I - (BREAKDOWN)
This section shall be used for the breakdown of the book value of the assets, liabilities
and capital of the business as of January 1, 2013.
The column “Outside of Puerto Rico Amount” should reflect the book value of personal
property located outside of Puerto Rico. Only domestic corporations are required to fill
this column.
3. Form-29.3 - INVENTORIES
Section 1 - STATE METHOD USED IN THE VALUATON OF MONTHLY
INVENTORIES
Sección II - CALCULATIONS TO DETERMINE MONTHLY INVENTORIES
In order to fulfill this section refer to item 3, page 4 of these instructions.
Seccion III- MANDATORY INFORMATION
This Section shall be used to include all machinery and equipment considered as personal
and real property owned by the taxpayers with their costs as of January 1, 2013.
4. Form AS-29.4 I - BREAKDOWN OF PERSONAL PROPERTY,
VALUATION BY MUNICIPALITIES
Use only when taxpayer owns personal property in more than one municipality.