P.R. Laws tit. 23, § 11136
(a) Permissive revocation.—
(1) When an eligible SMB fails to meet any of the obligations imposed thereon by this subchapter, the regulations adopted thereunder or by the terms of the job creation agreement.
(2) When the eligible SMB fails to comply with the creation of eligible incremental jobs or the retention of the total number of employees, as established for such purposes in the agreement.
(3) When the eligible SMB fails to comply with its tax liability under the Code, any payment plan established, and other tax laws of Puerto Rico.
(b) Mandatory revocation.—
(1) The Executive Director shall revoke any job creation or retention agreement entered into under this subchapter when the same has been obtained by fraud or misrepresentation as to the nature of the eligible SMB or the eligible incremental jobs generated, the retention of the total number of employees or any other facts or circumstances that, wholly or partially, led to the execution of the agreement.
(2) In the case of this revocation, the Eligible SMB shall be deemed to have filed a false or fraudulent return with the intent to evade taxes and, therefore, shall be subject to the penal provisions of the Code. Taxes owed, which were until then exempt and unpaid, shall become due and payable from the date they would have been due and payable were it not for the job creation and/or retention agreement, and shall be assessed and collected by the Government official with authority to do so.
(c) Procedure.— In case of revocation of an agreement entered into as provided in this subchapter, the eligible SMB shall have the opportunity to appear before and be heard by the Executive Director or any other person designated by the latter for such purpose who shall notify the Executive Director of his/her conclusions and recommendations.
History —July 31, 2014, No. 120, § 3.6.