Section 38Part 1 — Exempted Limited Partnership Act
Tax undertaking
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The Financial Secretary may, on application by a general partner, give an undertaking in respect of any exempted limited partnership that a law which is hereafter enacted in the Islands imposing any tax to be levied on profits or income or gains or appreciations shall not apply to the exempted limited partnership or to any partner thereof in respect of the operations or assets of the ex empted limited partnership or the partnership interest of a partner therein.
Any undertaking given under subsection (1) may provide, in addition, that the aforesaid taxes and any tax in the nature of estate duty or inheritance tax shall not be payable in respect of the obligations of the exempted limited partnership or the interests of the partners therein.
Any undertaking as aforesaid may be for a period not exceeding fifty years from the date of the approval of the application and may be in the fo rm determined by the Financial Secretary.
The Financial Secretary shall prepare and present to the Cabinet, a report of all applications made and granted pursuant to this section on a monthly basis.
The first report due to be prepared pursuant to s ubsection (4) shall be presented to the Cabinet on the date specified by the Cabinet by Order. Section 39 Exempted Limited Partnership Act (2025 Rev ision)