Article 65 - Computation of Chargeable Profits of LLPS
(1) In arriving at the
Chargeable Profits of an LLP for any Accounting Period, an LLP is entitled to a deduction in respect of any Remuneration paid to Members of the LLP that is considered just and reasonable by the Tax Department up to a maximum of 50% of the Chargeable Profits of the LLP for that Accounting Period, as calculated prior to the deduction of Members' Remuneration.
(2) A Member of an
(a) in respect of a limited liability partnership established or registered under the
Limited Liability Partnership Regulations 2005, as defined by Article 11 of the Limited Liability Partnership Regulations 2005; or
(b) in respect of a
Non-QFC Limited Liability Partnership, a person who is considered a member of the Non-QFC Limited Liability Partnership under the law of incorporation or establishment of the Non-QFC Limited Liability Partnership.
(3) References to a “Member” in Article 65(1) shall also include
|Amended (as from 18th July 2019)|