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Spring 2005-07 Bill to reduce taxes on deposit interest

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Number 59
Spring 2005

Bill to reduce taxes on deposit interest

Puerto Rico House Bill 1031, should it turn into law, would reduce the tax rate applicable to interest paid on deposits from 17% to 10%.

The deposits must be held in a bank, credit union, or any other bank-like organization operating in Puerto Rico. However, only individuals, decedents' estates and trusts would be able to benefit from the reduced tax rate. Another condition is that the depository institution withhold the tax from the proceeds of the deposit.

© 2005 Goldman Antonetti
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