Article 94 - Credit for Tax Losses

(1) Subject to the provisions of this Part, including Article 97, a QFC Entity is entitled to make a claim under Article 96 for payment of a tax credit in respect of a Reimbursable Tax Loss for a Reimbursable Accounting Period if it meets each of conditions A to E set out in this Article throughout the relevant Reimbursable Accounting Period.
(2) The amount of the tax credit in respect of a Reimbursable Tax Loss to which a QFC Entity is entitled to make a claim is determined in accordance with Article 95 and Article 96.
(3) Condition A is that the QFC Entity is an LLC.
(4) Condition B is that the QFC Entity carries on a Licensed Activity.
(5) Condition C is that the QFC Entity has at least 3 full-time employees.
(6) Condition D is that the QFC Entity meets the conditions set out in the Tax Rules (Tax 15).
(7) Condition E is that the QFC Entity has not elected for special exempt status in respect of the Reimbursable Accounting Period or for its Chargeable Profits to be charged to tax at the Concessionary Rate.
Inserted (as from 18th June 2014)