P.R. Laws tit. 13, § 254e
(a) Except as provided in this subchapter, no person who has enjoyed or is enjoying the exemption provided by this subchapter shall be entitled to a new exemption through the establishment of another business in which he holds an interest of ten (10) or more percent. For these purposes, the holding of shares or participation in the other business shall be determined according to the provisions of the income tax laws in force in Puerto Rico.
(b) Any person who for the purpose of benefiting himself of the exemption provided by this subchapter liquidates or reorganizes his business, or utilizes any other method whereby he pretends that an income deriving from maritime freight transportation between ports in Puerto Rico and ports in foreign countries which would otherwise be taxable may appear as exempt, shall be under obligation to pay the corresponding taxes, surcharges, and penalties on said income.
History —June 28, 1966, No. 126, p. 395, § 6.