1. A Qualifying Free Zone Person is a Free Zone Person that meets all of the following conditions: a. Maintains actual and sufficient existence in the State. b. Derives Qualifying Income as specified in a resolution issued by the Cabinet at the suggestion of the Minister. c. Has not elected to be subject to Corporate Tax under Article (19) of this Decree-Law. d. Complies with Articles (34) and (55) of this Decree-Law. e. Meets any other conditions as may be prescribed by the Minister. 2. A Qualifying Free Zone Person that fails to meet any of the conditions under Clause (1) of this Article at any particular time during a Tax Period shall cease to be a Qualifying Free Zone Person from the beginning of that Tax Period. 3. Notwithstanding Clause (2) of this Article, the Minister may prescribe the conditions or circumstances under which a Person may continue to be a Qualifying Free Zone Person, or cease to be a Qualifying Free Zone Person from a different date. 4. The application of paragraph (a) of Clause (2) of Article (3) of this Decree-Law to a Qualifying Free Zone Person shall apply for the remainder of the tax incentive period stipulated in the applicable legislation of the Free Zone in which the Qualifying Free Zone Person is registered, such period may be extended in accordance with any conditions as may be determined in a resolution issued by the Cabinet at the suggestion of the Minister, but any one period shall not exceed (50) fifty years.
Interpretation and application must be checked against the official text and current version.