Article 44 - Reduction in Share Capital
(1) This Article applies where a
(a) extinguishes or reduces the liability on any of its shares in respect of capital not paid up;
(b) cancels any paid up capital that is lost or unrepresented by available assets; or
(c) redeems or otherwise purchases any of its shares.
QFC Entity carrying out, receiving proceeds from or generating a profit and loss account credit in respect of a transaction listed in Article 44(1) shall be exempt from tax under these Regulations on the transaction.
|Amended (as from 16th June 2020)|