The DDEC accounts for audits and revocations of Ley 60 decrees

Department of Economic Development and Commerce (DDEC) secretary Manuel Ríos Pierluisi delivered a detailed report on the enforcement and external-audit processes applied to decree beneficiaries under Puerto Rico's Incentives Code (Ley 60 of 2019, which integrated the former Ley 20 and Ley 22). The agency confirmed the formal revocation of dozens of tax decrees after substantial noncompliance with the mandatory legal requirements was detected.

Among the most frequent infractions identified by the DDEC audits are failure to make the statutory $10,000 annual donation to duly certified local nonprofits, omission of the purchase of a principal residence within the regulatory deadline, and failure to file timely annual compliance reports with the Office of Incentives.

Secretary Manuel Ríos Pierluisi defended the rigor of the audits, noting that the exemption regime on capital gains and passive income must be strictly conditioned on real socioeconomic benefit for the country. Community collectives and minority lawmakers, for their part, hold that decrees for foreign individual investors continue to feed real-estate speculation, gentrification, and the displacement of Puerto Rican families in sectors such as Puerta de Tierra, Santurce, Rincón, and Vieques.

Source: El Nuevo Día. https://www.elnuevodia.com/negocios/economia/notas/ddec-rinde-cuentas-auditorias-revocaciones-decretos-ley-60/