Section 49Part 6 — Application of the Partnership Act
Tax undertaking
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The Financial Secretary may, on application by a limited liability partnership accompanied by a declaration by the limite d liability partnership that such limited liability partnership shall not undertake business with the public in the Islands other than so far as may be necessary for the carrying on of the business of that limited liability partnership exterior to the Islands, give an undertaking in respect of that limited liability 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 such limited liability partnershi p or to any partner thereof in respect of the operations or assets of such limited liability partnership or the partnership interest of a partner.
Any undertaking given under subsection (1) may provide, in addition, that the taxes and any tax in the na ture of estate duty or inheritance tax shall not be payable in respect of the obligations of the limited liability partnership or the partnership interests of the partners.
Any such undertaking may be for a period not exceeding fifty years from the dat e of the approval of the application and may be in such form as the Financial Secretary shall determine.
The Financial Secretary shall prepare and present to the Cabinet, a report of all applications made and granted pursuant to this section on a month ly basis.
The first report due to be prepared pursuant to subsection (4) shall be presented to the Cabinet on the date specified by the Cabinet by Order.