EXCLUDED ACTIVITIES

a) Any transactions with natural persons, except transactions in relation to the Qualifying Activities specified under paragraphs (e), (g), (h) and (k) of Qualifying Activities.

b) Banking activities that are subject to the regulatory oversight of the competent authority in the State.

c) Insurance activities that are subject to the regulatory oversight of the competent authority in the State, other than the activity specified under paragraph (e) of Qualifying Activities.

d) Finance and leasing activities that are subject to the regulatory oversight of the competent authority in the State, other than those specified under paragraphs (e), (j) and (k) of Qualifying Activities.

e) Ownership or exploitation of immovable property, other than Commercial Property located in a Free Zone where the transaction in respect of such Commercial Property is conducted with other Free Zone Persons.

f) Any activities that are ancillary to the activities listed in paragraphs (a) to (e) of this Clause.

Note:

The following Revenue shall not be included in the calculation of non-qualifying Revenue/ Total Revenue:

• Transactions with Non-Free Zone Persons in respect of Commercial Property.
• Transactions with any Person in respect of immovable property i.e. not Commercial Property.
• Revenue attributable to a Domestic/Foreign P.E of the Qualifying