Article 17 – Taxation
1. The laws and regulations of
the State (other than this Law and the Regulations) in relation to taxation and duties of any kind shall not apply in the QFC.
2. Entities established in the
QFC (and whether incorporated therein or not) and their directors, officers and employees in the QFC shall not be subject to any taxes or duties of whatsoever nature for a period of three years from the date on which this Law shall come into effect (or such later date as may be designated by the Council of Ministers at any time within six months of the date on which this Law shall come into force).
3. After the expiry of the three year period referred to in paragraph 2 above, the
Regulations may provide for the imposition, administration and collection of all kinds of taxes and duties within the QFC including without limitation taxes in relation to entities, individuals and corporate bodies as well as businesses operating in the QFC and the wages, salaries and benefits of employees working in the QFC, and to set from time to time the level and method of calculation thereof and to provide exemptions therefrom for such periods as may be deemed appropriate.
4. All such taxes or duties shall be collected by the