Exemption from taxes and duties

Notwithstanding anything to the contrary in the Income and Business Tax Act, Cap. 55, the General Sales Tax Act, Cap. 63, the Customs and Excise Duties Act, Cap.48, the Philip S.W. Goldson International Airport 6 Development Project Customs Regulation Act, Cap. 49, the Exchange Control Regulation Act, Cap. 52 and any Regulations made under the said Acts, or in any other law, regulation, rule, order, ordinance or instrument having effect as part of the laws of Belize, (a) the Developer and The Manager shall, subject to section 4 of this Act, be exempt from any taxes, duties of imposts levied or imposed under the aforesaid Acts and other laws; and (b) the exemption specified in paragraph (a) shall vest in the Developer and the Manager and shall have effect in Belize commencing from the date of commencement of the Agreement and shall continue for so long as the Agreement remains in force and effect, or for a period of twenty years from the date of the Agreement, whichever period occurs sooner.