Article 96 - Payment of Reimbursable Tax Losses

(1) For a QFC Entity to receive a payment of a tax credit in respect of a Reimbursable Tax Loss for a Reimbursable Accounting Period, it must make a claim in writing to the Tax Department within 6 months from the end of the Reimbursable Accounting Period to which the Reimbursable Tax Loss relates. The claim must specify the Reimbursable Accounting Period in respect of which it is made.
(2) The amount of the tax credit to which a QFC Entity is entitled in respect of a Reimbursable Tax Loss for a Reimbursable Accounting Period is the amount stipulated in the Tax Rules (Tax 15).
(3) If the Tax Department determine that a QFC Entity is entitled to a payment of a tax credit under this Part, it shall pay the amount of such tax credit to the QFC Entity within 6 months from the date a return is filed by that QFC Entity for the relevant Reimbursable Accounting Period under Article 109.
(4) A payment of a tax credit under this Part shall not be taken into account in computing the Chargeable Profits of a QFC Entity.
(5) A tax credit due and payable under this Part, which is paid after the (5) date specified in Article 96(3), shall not carry any additional charge or compensation.
Inserted (as from 18th June 2014)