Article 110 - Partnership Return

(1) The obligation to file a return under Article 109 shall apply, in the case of a QFC Entity that is a Partnership (other than an LLP), to the Partnership rather than to the Partners.
(2) A Partnership return shall contain a statement of the allocation of Taxable Profits (the profit share) between the Partners which shall be binding on them with regard to attributing tax liability to them under Article 62 for the Accounting Period in respect of which the return is filed.
(3) A return of a QFC Entity which carries on a business in Partnership (other than by way of an LLP), must include a statement of its share of any profit or loss.
(4) Where the return of a QFC Entity (the "QFC member") includes, under Article 110(3), a share of a profit or loss in a Partnership, and that Partnership is itself a QFC Entity (the "QFC Entity Partnership"), the share shall not be taxed or relieved, as the case may be, on the member to the extent it is taxed or relieved, as the case may be, on the QFC EntityPartnership.
Amended (as from 18th June 2014)