P.R. Laws tit. 23, § 693g
(a) Except as otherwise provided in this chapter, the Secretary of the Treasury shall be in charge of the administration, and shall exercise the powers, carry out the duties and will comply with the obligations vested in him by this chapter. The Secretary of the Treasury in consultation with the Economic Development Administrator and the Director of the Tourism Company shall draft those regulations needed to enforce the provisions and purposes of this chapter.
(b) During the effectiveness of this chapter (as well as during the periods that extend beyond the expiration date of this chapter under §§ 693b, 693c, 693d and 693e of this title), including without being limited to sections the Industrial Incentives Acts, sections the Excise Tax Act, the Income Tax Act, the Municipal License Tax Act, and the laws concerning real and personal property taxes shall continue to be in force with respect to eligible businesses (except when it would be openly incompatible with this Chapter) including, but without being limited to, the obligation to file tax returns, submit reports, pay taxes, and the procedures related to the appraisal, levying and collection of taxes and duties. Provided, That the persons operating eligible businesses shall be obliged to maintain separate account books with relation to the operations referred to in § 693a(a)(6) of this title; and Provided, further, That income taxes derived from activities described in § 693a(a)(6) of this title shall be computed separately. The Secretary of the Treasury is hereby authorized to impose, by regulations or otherwise, conditions with respect to the enjoyment of any exemption or benefit under this chapter when said conditions are necessary to guarantee the proper compliance with the terms and purposes under which the exemption or benefit is granted. The requirements imposed by the Secretary of the Treasury may be, among others, to require that tax returns or reports be filed, maintain account books and records, submit any document or evidence that is deemed pertinent to the exemption or benefit, post bonds, grant permits to carry out periodic inspections or of another nature, and to file contracts, orders or other information related to any permits to acquire, transfer, sell or introduce articles exempted under § 693b(a)(3) of this title, in advance.
(c) Those eligible businesses that wish to avail themselves of the benefits of this chapter shall notify the Secretary of the Treasury of their selection. In the case of eligible businesses described in § 693a(a)(6)(B) of this title, said notice must be accompanied by the letter mentioned in subsection (d)(3) of this section and, in the case of eligible businesses described in § 693c(a) of this title, by the accrediting certificate mentioned in § 693e(a)(3) of this title. The Secretary of the Treasury shall promulgate regulations providing for the form and manner in which said notice shall be made.
(d) Any person who has established or intends to establish an eligible business described in § 693a(6)(B) of this title in Puerto Rico may petition the Governor to determine his eligibility to receive the benefits of this chapter by filing the corresponding duly sworn petition before the Office of Industrial Tax Exemption.
(1) Once the Office of Industrial Tax Exemption receives any petition under this chapter, its Director will send a copy thereof to the Economic Development Administrator, the Executive Director of Tourism and to the Secretary of the Treasury, so that said executives can notify the Governor of their recommendations with regard to the petition, through the Director of the Office of Industrial Tax Exemption (Director).
(2) Once the recommendations of the above-described executives have been received, the Director will submit the petition and the recommendation of said officials to the Governor.
(3) The Governor shall approve or deny the petition taking into account the criteria established by §§ 693a(a)(6) and 693f of this title. Said approval or denial shall be notified through the Director by means of a letter addressed to the petitioner.
(e) Any person who voluntarily makes, or attempts to make, any fraudulent or false representation for himself or in behalf of another person, with regard to any petition or granting of benefits under this chapter, will be deemed guilty of a felony and, upon conviction, shall be punished by a fine not to exceed ten thousand dollars ($10,000) or by imprisonment for a term not to exceed five (5) years or both penalties, in addition to court costs, in the discretion of the court.
History —June 2, 1983, No. 52, p. 94, § 8, renumbered as § 9 and amended on May 31, 1988, No. 35, p. 132, § 8.