Article 11 - Taxable Profits and Chargeable Profits
(1) The Taxable Profits of a QFC Entity for an Accounting Period are the Chargeable Profits of that QFC Entity , as reduced by the set off of any tax losses and Group Relief under the provisions of Part 5.
(2) The Chargeable Profits of a QFC Entity for an Accounting Period are the Accounting Profits , as defined in Article 15, of that QFC Entity from its Licensed Activity and as adjusted by the provisions of these Regulations, excluding Part 5.
Amended (as from 18th June 2014) |