Regulations

Regulations. (a) Authorization. The Secretary is authorized to prescribe all needful rules and regulations to carry out the intent and purpose of this Division including Chapter 7, and for purposes of tax administration and enforcement. The rules and regulations under analogous provisions of the NMTIT shall serve as interpretative guidance in the absence of other rulings and regulations by the Secretary. (b) Retroactivity of Regulations or Rulings. The Secretary may prescribe the extent, if any, to which any ruling or regulation, relating to the CNMI tax laws including Chapter 7, shall be applied without retroactive effect. No criminal penalties shall be deemed to have, or be given by regulation, a retroactive effect. (c) Manner of Making Elections Prescribed by Secretary. Except to the extent otherwise provided by this Act, any election under this Act shall be made at such time and in such manner as the Secretary shall by regulations or forms prescribe. Source: PL 14-35, § 5 (2001), modified. Commission Comment: The Commission changed the section number originally referenced in PL 14-35 pursuant to its authority by 1 CMC § 3806(a). PL 14-35 was enacted on October 12, 2004 and took effect on January 1, 2005. PL 14-35 contained purpose, severability, and savings clause provisions, in addition to many other enactments affecting taxation referenced in the purpose provision codified at 4 CMC § 1102.