Exemption on share premium from category two AIF extended to venture capital undertakings, permitting tax-free receipt of funds. The amendment extends the exemption from taxation of excess consideration on issue of shares so that venture capital undertakings receiving funds from ... Summary
Exemption on share premium from category two AIF extended to venture capital undertakings, permitting tax-free receipt of funds.
The amendment extends the exemption from taxation of excess consideration on issue of shares so that venture capital undertakings receiving funds from Category II Alternative Investment Funds will not have the excess over fair market value charged as income, thereby aligning Category II AIF receipts with existing exemptions available to Category I AIFs and notified classes of persons.
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