Article 24 - Income of Government and Institutions - UAE (United Arab Emirates)

ARTICLE 24 INCOME OF GOVERNMENT AND INSTITUTIONS 1. Notwithstanding the provisions of Article 13, the Government of one Contracting State shall be exempt from tax, including capital gains tax, in the other Contracting State in respect of any income derived by such Government from that other Contracting State. 2. For the purposes of paragraph (1) of this Article, the term Government (a) in the case of India, means the Government of India, and shall include: (i) the political sub-divisions, the local authorities, the local administrations, and the local Governments; (ii) the Reserve Bank of India; (iii) any such institution or body as may be agreed from time to time between the two Contracting States; (b) in the case of U.A.E., means the Government of the United Arab Emirates, and shall include: (i) the political sub-divisions, the local authorities, the local administrations, and the local Governments; (ii) The Central Bank of the United Arab Emirates, Abu Dhabi Investment Authority and Abu Dhabi Fund for Economic Development; (iii) any such institution or body as may be agreed from time to time between the two Contracting States.