| (Section 75) |
| 1. | Foreign currency tax credit would be allowed against profits for agents registered under the Registered Agent and Trustee Licensing Act as follows— |
| 100% for the first 4 years |
| 75% for the next 3 years |
| 50% for the next 3 years |
| 2. | Where a person derives income from the provision of professional services to the International Financial Services sector as listed in paragraph 4, and also derives income from other services, the person is entitled to a foreign tax credit only in respect of income earned in the provision of professional services to the International Financial Services sector. The foreign tax credit is calculated as follows— |
| Profits from Foreign currency | Tax Relief |
| Up to 30% | 35% |
| 31% but under 50% | 55% |
| 51% but under 70% | 75% |
| 71% but under 100% | 95% |
| for a period of 10 years. |
| For the purposes of calculation, profits from foreign currency earnings declared by the domestic organizations, shall be deemed to be profits arrived at by the formula— |
| where |
| (a) | “FCE” represents the foreign currency earnings transferred to the credit of that person within the relevant income year; |
| (b) | “P” represents the net profits from all sources; |
| (c) | “TE” represents the total gross earnings from all sources. |
| The profits would be taxed by using the normal tax rates specified in Schedule 5. |
| 3. | The qualifying professional services provided by companies licensed under the Registered Agent and Trustee Licensing Act are the following— |
| (a) | Application Preparation |
| (b) | Incorporation |
| (c) | Provision of Office facilities |
| (d) | Directorships |
| (e) | Company Secretaries |
| (f) | Actuarial Services |
| 4. | The qualifying professional services provided by persons to whom paragraph 2 relates are the following— |
| (a) | Administrative\Management Services |
| (b) | Insurance Management |
| (c) | Mutual Fund Services |
| (d) | Audit\Accounting Services. |