(a) Each international financial services entity applicant granted a tax incentive benefit certificate, pursuant to this chapter is exempt from payment of the following taxes:
(1) taxes on real property to the extent that properly is used in the business;
(2) gross receipt taxes, except that this exemption does not apply to the gross receipts of businesses operated by a concession or rental agreement on the premises of beneficiaries, for which businesses separate licenses are required or which, as determined by the Board, are not ordinarily related to, or do not constitute an essential part of, the operation of the beneficiary, and which businesses are not otherwise eligible for tax incentive benefits as a distinct enterprise;
(3) all excise taxes on building materials, tools, pipes, pumps, conveyor belts or other appliances materials and supplies necessary for the use in the construction, alteration, reconstruction or extension of the physical plant or facilities of the applicant;
(4) corporate income taxes;
(5) personal income taxes as specified in section 743.
(b) Each approved international financial services entity eligible for tax incentive benefits provided under this subchapter must be granted one hundred percent benefits for a period of ten years if they remain in compliance with all the requirements of this chapter. Applicants may receive a renewal of benefits for ten years if they remain in compliance with all the requirements of this chapter for their initial benefit period.
(c) Tax exemptions and benefits may be granted under this section only if the applicant granted a tax incentive benefit certificate can provide certification from the Bureau of Internal Revenue and the Department of Finance that the applicant has filed and paid all taxes, penalties and interest, and from the Office of the Lieutenant Governor that the applicant has filed its required annual report or has satisfactorily made agreement to pay the taxes or file the required reports.