LMKG Chartered Accountants

Exempt Persons

A. A Government Entity.(Article 5)

B. Government Controlled Entity.(Article 6)

C. Person engaged in an Extractive Business, meeting conditions of Article 7.

D. Person engaged in a Non-Extractive Natural Resource Business.(Article 8)

E. Qualifying Public Benefit Entity under Article 9.

F. Qualifying Investment Fund under Article 10.

G. Public pension/social security fund/private pension/social security fund (subject to regulatory oversight of the competent authority in the State)

H. A juridical person incorporated in the State that is wholly owned & controlled by an Exempt Person specified above in (a), (b), (f) ,(g) & conducts any of following:

  • Undertakes part or whole of the activity of the Exempt Person.
  • Is engaged exclusively in holding assets or investing funds for the benefit of the Exempt Person.
  • Only carries out activities that are ancillary to those carried out by the Exempt Person.
  • Any other Person as may be determined in a decision issued by the Cabinet at the suggestion of the Minister.

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