The tax regime within the AIFC is determined by the Tax Code, with the exception of deletions established by Article 6 of the Constitutional Law. Deletions are the following tax benefits for AIFC participants:
1) Islamic bank banking services;
2) reinsurance services and insurance brokerage services;
3) investment asset management services of investment funds, their accounting and storage, as well as issuance, placement, circulation, redemption and repayment of securities of investment funds;
4) brokerage and/or dealer, underwriting services;
5) other financial services defined by a joint act of the AIFC and the Ministry of National Economy and the Ministry of Finance.
For exemption from CIT, AIFC participants must keep separate records in accordance with the Regulations on Keeping Separate Accounting of Income Subject to Exemption of Corporate Income Tax and Subject to Taxation, and Expenses Subject to Allocation to Deductions by the Participants of AIFC.
- from the increase in value when selling securities that are on the date of sale in the official lists of the stock exchange;
- in a form of dividends and remuneration on securities that are on the date of accrual of such dividends or remuneration in the official lists of the stock exchange;
- from the increase in value when selling shares or partnership shares in the authorized capitals of participants-legal entities;
- as well as in a form of dividends on shares of participants-legal entities or on partnership shares in the authorized capitals of participants-legal entities that are registered in accordance with the current law of the AIFC.
For more detailed information on tax administration, separate accounting and other requirements, please follow the link.