Article 15 – Investment Manager Exemption
1. For the purposes of Clause 6 of Article 14 of this Decree-Law, an Investment Manager shall be considered an independent agent when acting on behalf of a Non-Resident Person, where all of the following conditions are met:
- The Investment Manager is engaged in the business of providing investment management or brokerage services.
- The Investment Manager is subject to the regulatory oversight of the competent authority in the State.
- The transactions are carried out in the ordinary course of the Investment Manager’s Business.
- The Investment Manager acts in relation to the transactions in an independent capacity.
- The Investment Manager transacts on an arm’s length basis with the Non-Resident Person and receives due compensation for the provision of services.
- The Investment Manager is not the Non-Resident Person’s representative in the State in relation to any other income or transaction that is subject to Corporate Tax for the same Tax Period.
- Any such other conditions as may be prescribed in a decision issued by the Cabinet at the suggestion of the Minister.
2. For the purposes of Clause 1 of this Article, “”transactions”” means any of the following:
- Transactions in commodities, real property, bonds, shares, derivatives, or securities of any other description.
- Transactions of buying or selling any foreign currency or placement of funds at interest.
- Such other transactions permissible to be carried out by the Investment Manager on behalf of a Non-Resident Person under the applicable legislation of the State.