s.58Tax undertaking
58
Section 58Part 11 — MISCELLANEOUS

Tax undertaking

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The Financial Secretary may on application give an under taking in respect of a limited liability company that no law which is hereafter enacted in the Islands imposing any tax to be levied on profits or income or gains or appreciations shall apply to that limited liability company or to any member thereof in re spect of the operations or assets of that limited liability company or membership interest of any member therein.
Any undertaking given under subsection (1) may provide, in addition, that the aforesaid taxes and any tax in the nature of estate duty or inheritance tax shall not be payable in respect of the obligations of the limited liability company or the interests of members therein.
An undertaking given under subsection (1) or (2) may be for a period not exceeding fifty years from the date of the approval of the application and may be in such form as the Financial Secretary may determine.
The Financial Secretary shall prepare and present to the Cabinet, a report of all applications made and granted pursuant to this section on a monthly basis.
The first report due to be prepared pursuant to subsection (4) shall be presented to the Cabinet on the date specified by the Cabinet by Order.

Referenced By