P.R. Laws tit. 13, § 2251f
Financial institutions that are engaged in the banking business, the savings and loan associations, the savings banks and the trust companies doing business in Puerto Rico which fail to deduct, withhold and pay the tax levied by this chapter shall not be granted any deduction by the Secretary for the amount of the interest paid during the 1985 calendar year on said certificates of deposit.
In the case of financial institutions which are brokerage houses and savings and loan cooperatives, which fail to deduct, withhold and pay the tax levied by this chapter, an amount equal to the total thereof shall be added to the tax that should have been deducted, withheld and paid. The brokerage houses and savings and loan cooperatives which fail to comply with the requirement to render the reports provided by this chapter shall be subject to a penalty of five hundred (500) dollars for each day that passes after the date prescribed to render them and while the noncompliance persists, but the total amount imposed by this omission shall not exceed two hundred thousand (200,000) dollars.
History —Aug. 12, 1985, No. 1, p. 811, § 7.