International Business Corporation (Amendment) (No 2) Act 2002

Link to law: http://laws.gov.ag/acts/2002/a2002-20.pdf

No. 20 of 2002. International Business Corporation 1 ANTIGUA
(Amendment) (No. 2) Act, 2002. AND

BARBUDA

[ L.S. ]
I Assent,

James B. Carlisle,
Governor-General.

ANTIGUA AND BARBUDA

No. 20 of 2002

AN ACT to amend the International Business Corporation
Act Cap. 222.

[ 27th February, 2003 ]

ENACTED by the Parliament of Antigua and Barbuda as fol-
lows -

1. This Act may be cited as the International Business Cor- short title.
poration (Amendment) (No. 2) Act 2002.

2. The principal Act is amended as follows - Repeal and
replacement of

(a) Sections 272 and 273 of the principal Act is repealed Fps 272 and
and substituted by the following -

"Exemption 272. (1) No income tax, capital gains tax, Or
from tax. other direct tax or impost may be levied in

Antigua and Barbuda upon the profits or gains
of an exempt corporation in respect of the in-
ternational trade and business it carries on
from within Antigua and Barbuda.

ANTIGUA 2 International Business Corporation No. 20 of 2002.
AND (Amendment) (No. 2) Act, 2002.

BARBUDA

(2) No income tax, capital gains tax or other
direct tax or impost may be levied in Antigua
and Barbuda in respect of any securities or as-
sets of an exempt corporation that are benefi-
cially owned by an exempt corporation or by a
person who is not a resident.

(3) No estate, inheritance, succession or
similar tax or impost may be levied in Antigua
and Barbuda in respect of any securities or as-
sets of an exempt corporation that are benefi-
cially owned by an exempt corporation or a
person who is not a resident.

(4) No tax, duty or impost may be levied
upon the increment in value of the property
or other assets in Antigua and Barbuda or
elsewhere of an exempt corporation other than
upon such of them as are distributed to resi-
dents.

No assets
transfer tax.

273. (1) No tax, duty or other impost may
be levied upon an exempt corporation, its se-
curity holders or transferees in respect of the
transfer of all or any part of its securities or
other assets to another exempt corporation or
to a person who is not a resident.

(2) When an exempt corporation or a per-
son who is not a resident transfers securities
or assets of an exempt corporation that are
held by that exempt corporation or person to
another exempt corporation or to another per-
son who is not a resident, the transfer is ex-
empt from the payment of any tax, duty or
other impost thereon.

(3) No income tax or capital gains tax, and
no other direct tax or impost may be levied or
collected in Antigua and Barbuda, in respect
of any dividends, interest or other returns from
any securities, deposits or borrowings of an
exempt corporation or any assets managed
by the exempt corporation if the dividends,
interest or other returns are in respect of se-

No. 20 of 2002. International Business Corporation 3 ANTIGUA
(Amendment) (No. 2) Act, 2002. AND

BARBUDA

curities, deposits, borrowings or assets benefi-
cially owned by another exempt corporation
or a person who is not a resident; but the
onus of establishing ownership lies upon the
exempt corporation holding or managing the
deposits, borrowings or assets."

3. Section 280 of the principal Act is repealed and the f01- Repeal and revival
lowing substituted - of section 280.

"Exchange 280. The income, profits, gains and other
controls. revenues and the funds and securities of an

exempt corporation that are generated, ac-
quired or managed in the course of interna-
tional trade or business of the exempt corpo-
ration are exempt from the Exchange Control
Act; and, unless the exempt corporation is a
resident, the income, profits, gains and other
revenues of the exempt corporation are also
exempt."

4. Section 28 1 of the principal Act is repealed and the follow- Repeal and revival
ing substituted - of section 281.

"Stamp duty ex- 28 1. An exempted corporation is exempt
emption
270.

Cap. from duties under the Stamp Act in respect of
all transactions entered into in relation to the
exempted corporation's international trade or
business."

5. The principal Act is amended by the insertion after section Ifisertion of
359 of the following- sections 359A.

"Im~osition and 359A. (1) The Board may assess a penalty
assessment of of an amount not exceeding Ten Thousand
administrative
penalty. United States Dollars or its equivalent in East-

ern Caribbean Currency against any corpora-
tion or non-bank financial institution that fails
to -

(a) file a return or other information
required by this Act or any other
Act which governs that corpora-
tion or that non-bank financial

ANTIGUA 4 International Business Corporation No. 20 of 2002.
AND (Amendment) (No. 2) Act, 2002.

BARBUDA

institution, at the intervals set out
in, or within the time required by,
that Act;

(b) provide complete and accurate in-
formation with respect to the re-
turn or other information required
by this Act or any other enact-
ment or agreement that governs
that corporation or non-bank fi-
nancial institution;

(c) comply with any directions given
in writing by the Commission.

(2) A penalty imposed under this section
constitutes a debt due to the Crown and is
immediately payable and may be recovered
as a debt in any court of competent jurisdic-
tion.

(3) Interest shall be charged on the unpaid
amount of a penalty on a day to day basis on
all amounts in arrears at the rate of two per-
cent above the East Caribbean Central Bank
rate."

Passed the House of Representatives this Passed the Senate this 3rd day of
18th day of December, 2002. January, 2003.

B. Harris,
Speaker.

M. Percival,
President.

S. Walker, S. Walker,
Clerk to the House of Representatives. Clerk to the Senate.

Printed at the Government Printing Office, Antigua and Barbuda
by Walter A. Massiah, Acting Government Printer

-By Authority, 2003.
8& 2.03 [ Price $2.25 ]
Read Entire Law on laws.gov.ag