Income derived by a Non-Resident Person from the operation of aircraft or ships in international transportation shall not be subject to Corporate Tax where all of the following conditions are met: 1. The Non-Resident Person is in the Business of any of the following: a. International transport of passengers, livestock, mail, packages, merchandise or goods by air or by sea. b. Leasing or chartering aircraft or ships used in international transportation. c. Leasing of equipment which are integral to the seaworthiness of ships or the airworthiness of aircraft used in international transportation. 2. The Resident Person that performs any of the activities under Clause (1) of this Article is exempt, or is not subject to a tax that is of a similar character to Corporate Tax, under the applicable legislation of the country or territory in which the Non-Resident Person is resident.
Interpretation and application must be checked against the official text and current version.