(a) The Secretary is hereby empowered to establish, through regulations, the conditions regarding the enjoyment of any exemption granted in this part in order to ensure due compliance of the terms, provisions, and purposes by virtue of which the exemption is granted.(b) The Secretary may impose the following requirements and conditions, among any others that he/she may deem pertinent:(1) Require the taxpayer to file returns and reports, and to keep accounting books and records, as well as to present any document or evidence that is deemed pertinent to the exemption claimed or granted, as the case may be.(2) Require the posting of a bond for the amount of the exemption requested and of any administrative fine, surcharge, or interest that may be imposed pursuant to this part.(3) Require that he/she be authorized to conduct periodic inspections, or any other kind of inspection, in connection with the exempt goods and that the contracts, orders, or other information regarding permits to transfer or sell exempt goods be filed beforehand.(4) Establish a time limit during which the goods on which the exemption is claimed may be used for the purpose which entitles it to the exemption, o transfer or sell exempt goods be filed beforehand.(4) Establish a time limit during which the goods on which the exemption is claimed may be used for the purpose which entitles it to the exemption, unless otherwise provided in this part.(c) The Secretary may deny any petition for exemption, or prospectively revoke the recognition of any previously granted exemption, when he/she determines that the exempt person has failed to comply with a provision of this part or of its regulations by virtue of which the exemption had been granted. History —Jan. 31, 2011, No. 1, § 3030.01, retroactive to Jan. 1, 2011.
Puerto Rico Legal Code