Definition of PR Code


PR Code means the Internal Revenue Code of Puerto Rico, as amended from time to time.
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Examples of PR Code in a sentence

Excise Taxes The PR Code imposes an excise tax on certain articles and commodities, such as cigarettes, alcohol, sugar, cement, motor vehicles, heavy equipment, boats and certain petroleum products, which are taxed at different rates.
The provisions of this Plan except as otherwise governed by ERISA shall be construed, regulated, administered and enforced according to the laws of Puerto Rico and, whenever possible, to be in conformity with the applicable requirements of ERISA, of the US Code to the extent applicable and of the PR Code of 1994.
To the extent required under the PR Code or as so determined by the Company or the Committee, in their respective discretion, Company Matching Contributions and Member After-Tax Contributions may be aggregated on a Member by Member basis and limited, as determined appropriate.
The term "hardship" means a heavy financial hardship in light of immediate and heavy financial needs as determined by the Committee in accordance with the PR Code regulations.
The P.R. Code does not provide rules with respect to the treatment of the excess, if any, of the amount due at maturity of a Bond over its initial offering price (the "Accretion Amount").