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This excerpt taken from the PBR 20-F filed May 22, 2009. Cayman
Islands Taxation
Under current law, PifCo is not subject to income, capital,
transfer, sales or other taxes in the Cayman Islands.
Table of Contents
PifCo was incorporated as an exempted company under the laws of
the Cayman Islands on September 24, 1997. PifCo has
received an Undertaking as to Tax Concessions pursuant to
Section 6 of the Tax Concessions Law (1999 Revision) which
provides that, for a period of twenty years from the date
thereof no law hereafter enacted in the Cayman Islands imposing
any tax or duty to be levied on income or on capital assets,
gains or appreciation will apply to any of PifCo’s income
or property and which is deemed to provide that no tax is to be
levied on profits, income, gains or appreciations or which is in
the nature of estate duty or inheritance tax shall be payable or
in respect of shares, debentures or other of PifCo’s
obligations, or by way of withholding of any part of a payment
of principal due under a debenture or other of PifCo’s
obligations.
No Cayman Islands withholding tax applies to distributions by
PifCo in respect of the notes. Noteholders are not subject to
any income, capital, transfer, sales or other taxes in the
Cayman Islands in respect of their purchase, holding or
disposition of the notes.
Noteholders whose notes are brought into or issued in the Cayman
Islands will be liable to pay stamp duty of up to C.I.$250 on
each note, unless stamp duty of C.I.$500 has been paid in
respect of the entire issue of notes (in which case no further
stamp duty in respect of such notes is payable).
This excerpt taken from the PBR 20-F filed Jun 30, 2005. Cayman Islands Taxation
Under current law, PIFCo is not subject to income, capital, transfer, sales or other taxes in the Cayman Islands.
PIFCo was incorporated as an exempted company under the laws of the Cayman Islands on September 24, 1997. PIFCo has received an Undertaking as to Tax Concessions pursuant to Section 6 of the Tax Concessions Law (1999 Revision) which provides that, for a period of twenty years from the date thereof no law hereafter enacted in the Cayman Islands imposing any tax or duty to be levied on income or on capital assets, gains or appreciation will apply to any of PIFCo’s income or property and which is deemed to provide that no tax is to be levied on profits, income, gains or appreciations or which is in the nature of estate duty or inheritance tax shall be payable or in respect of shares, debentures or other of PIFCo’s obligations, or by way of withholding of any part of a payment of principal due under a debenture or other of PIFCo’s obligations.
No Cayman Islands withholding tax applies to distributions by PIFCo in respect of the notes. Noteholders are not subject to any income, capital, transfer, sales or other taxes in the Cayman Islands in respect of their purchase, holding or disposition of the notes.
Noteholders whose notes are brought into or issued in the Cayman Islands will be liable to pay stamp duty of up to C.I.$250 on each note.
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