Exemption from taxes and duties and other laws

(1) Notwithstanding anything to the contrary in the Income and Business Tax Act, The General Sales Tax Act, the Customs and Excise Duties Act, the Stamp Duties Act, the Customs Regulation Act, the Exchange Control Regulation Act and any Regulations made under the said Acts, or in any other law, regulation, rule, order, or instrument having effect as part of the laws of BelizeCap. 55 Cap. 63. Cap. 48. Cap. 49. Cap. 52. (a) the Developer shall be exempt from any duties, taxes and imposts levied or imposed under the aforesaid Acts and other laws including but not limited to import duties, excise taxes, environmental taxes and general sales taxes prior to the Commercial Operations Date and shall thereafter be exempt from income and business taxes (and any other taxes in substitution thereof (if any)) from and after the Commercial Operations Date; and (b) all instruments relating to the transfer of the Government’s Shares or any part thereof by the Government to the Developer, the transfer of the Project Facility by the Developer to the Government, the transfer of any property, assets, undertaking or business of the Developer to the Government and otherwise relating to any transactions in pursuance of the Definitive Agreement shall be exempt from stamp duty. (2) The Developer shall be exempt from all exchange control laws and regulations for the duration of the term of the Definitive Agreement. (3) The Supplies Control Act shall not apply to the importation and wholesale by the Developer of LPG. Cap. 293.