INTERNATIONAL BUSINESS COMPANIES ACT, 1994

PART  XI

EXEMPTIONS

109.(1) A company incorporated under this Act or a shareholder thereof  shall not be subject to any tax or duty on income or profits accruing to or deriving from such company or in connection with any transaction to which that company or shareholder, as the case may be, is a party.

(2) Notwithstanding any provision of the Stamp Duty Act 1975 -

(a) all transfers of property to or by a company incorporated under this Act;

(b) all transactions in respect of the shares, debt obligations or other securities of a company incorporated under this Act; and

(c)  all other transactions relating to the business of a company incorporated under this Act,

are exempt from the payment of stamp duty.

(3) The Exchange Control Act shall not apply to a company incorporated under this Act or to any transactions relating to the securities of or in such company between the holders of such securities.

The exemptions granted by this section shall remain in force for a period of twenty years from the date of incorporation of a company under this Act.

109A.(1) All furniture and equipment imported for the use of an office of a compay incorporated under this Act and used only for the purpose spcified in section 5 (2)(e) of this Act shall be exempt from the payment of the trades tax under the Trades Tax Act.

The Social Security Act shall not apply to a company incorporated under this Act to the extend that the company is an employer of persons employed in an ofice referred to in section 5(2) of this Act.

(3) A company incoporated under this Act and Its expatriate employees in an office referred to in section 5(2)(e) of this Act shall be exempt from the fee in respect of a gainful occupation permit issued under the Immigration Decree”,