P.R. Laws tit. 13, § 30505
(a) Every life insurance company subject to the provisions of § 30504 of this title to which notice of deficiency has been served in accordance with the provisions of Section 6212 of the United States Internal Revenue Code or any similar provision in the country of origin or organization, shall be required to notify in writing to the Secretary the amount attributable to Puerto Rico of the taxable income of the life insurance company determined by the Federal Internal Revenue Commissioner or tax official of the country of origin or organization, in excess of that declared in the income tax return filed with said official for the taxable year in question, and to pay the tax corresponding to the taxable income not declared in the return filed with the Secretary.
(b) The statutory period for the assessment of the tax that may result after applying subsection (a) shall not expire before the term of three (3) years has elapsed, counting as of the date in which the Secretary is notified of the foregoing. For purposes of this subsection, the date of notice shall be understood to be the date on which the communication to such effect that the taxpayer sends by registered mail, with return receipt requested, is received in the Department.
(c) Regardless of the provisions of § 30255(a)(2) of this title, the Secretary may grant to every foreign life insurance company subject to the provisions of § 30504 of this title, an extension of not more than six (6) months to file the return required in § 30242 of this title.
History —Jan. 31, 2011, No. 1, § 1111.05, retroactive to Jan. 1, 2011; Dec. 10, 2011, No. 232, § 117.