Section 20
of International Limited Partnership Order, 2000
Section 20
(1)
No income tax, tax on capital gains or other direct tax shall be levied, withheld or collected –
(a)
on or in respect of any dividends or earnings attributable to any share, debt or securities of an ILP; or
(b)
on or in respect of any dividends, interest or other returns from any shares, securities, deposits or other borrowings of a licensee or any assets managed by an ILP, if the dividends, interest or other returns are shown to be in respect of shares, securities, deposits, borrowings or other assets beneficially owned by a person who either is not a resident or is a person falling within section 4(3).
(2)
No estate, inheritance, succession or similar tax shall be levied in respect of any shares, securities or assets of an ILP or in respect of the transfer of any such shares, securities or assets.
(3)
Notwithstanding anything in the Stamp Act (Chapter 34), duty shall not be chargeable on any of the following descriptions of instruments –
(a)
instruments relating to transfers of any property (including a partnership interest) to or by an ILP;
(b)
instruments relating to transactions in respect of the shares, debt obligations or other securities of an ILP;
(c)
instruments relating in any way to the assets or activities of an ILP.
(4)
The exemption from taxes and duty conferred on a licensee by subsections (1)
to (3) may, at no extra charge, be evidenced by a certificate issued by the Authority confirming that the licensee is so exempt; and, without prejudice to the possibility of the issue of a further such certificate, any such certificate shall be valid for a period of ten years from the date thereof.
[S 7/2001; S 103/2010]
Incorporating amendments until S 1/2016
(Clean version) Nani/Amiriah/zimah _ as of 04.05.2019
21
BLUV as at 14 January 2016
(5)
No filing, return or financial information shall be required from an ILP in relation to any taxation, duty or other levy in respect of which relief is granted under this section.