Article 82 - Election for Special Exempt Status
QFC Entity which is:
(a) one of the exempt vehicles listed in Article 82(3); or
(b) listed on the Qatar Stock Exchange or another approved public market in Qatar
may elect for special exempt status.
(2) Subject to Article 86A, a
QFC Entity on electing for special exempt status shall be exempt from tax under these Regulations for the Accounting Period to which the election relates.
(3) For the purposes of this Part exempt vehicles are—
(a) a registered fund as defined in Article 83;
(b) a special investment fund as defined in Article 84;
(c) a special funding company as defined in Article 85;
(d) an alternative risk vehicle as defined in Article 86.
(4) Subject to Article 82(5),
Distributions received from a registered fund or a special investment fund which has elected for special exempt status are exempt from tax under these Regulations.
(5) Payments in respect of management fees shall not be exempt from tax under these Regulations pursuant to Article 82(4).
(6) An election under this Article shall be made in writing to the
Tax Department within 6 months from the end of the Accounting Period for which special exempt status is to apply.
(7) An election for special exempt status will be allowed only if the conditions provided for in Article 86A are met.
(8) Part 5 does not apply to any
QFC Entity that is exempt from tax under this Article.
(9) For the purposes of Article 82(5), management fees are amounts charged for the management of a registered fund's or a special investment fund's business of making investments, excluding such fees which are paid by way of a
Distribution and paid in priority to other Distributions and performance fees.
|Amended (as from 21th December 2020)|