GTL Summary:

This article provides an option for a Qualifying Free Zone Person (QFZP) to irrevocably elect to forego its preferential tax status and become subject to the standard corporate tax rates. A QFZP can make this election to be taxed at the 0% and 9% rates outlined in Clause 1 of Article 3, applying to all its taxable income instead of just its non-qualifying income. The election becomes effective from the beginning of the tax period in which it is made, or the beginning of the following tax period, providing flexibility for strategic tax planning.