9911796707
TMI BlogLimitation of BenefitsX X X X Extracts X X X X X X X X Extracts X X X X ..... rnmental entity; or b) a company incorporated in either of the Contracting States, if (i) the principal class of its shares is listed on a recognised stock exchange as defined in paragraph 5 of this Article and is regularly traded on one or more recognised stock exchanges; or (ii) at least 50 per cent of the aggregate vote or value of the shares in the company is owned directly or indirectly by one or more individuals residents of either of the Contracting States or/and by other persons incorporated in either of the Contracting States, at least 50 per cent of the aggregate vote or value of the shares or beneficial interest of which is owned directly or indirectly by one or more individuals residents of either of the Contracting States; or c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... m of income derived from the other Contracting State, if the person actively carries on business in the State of residence (other than the business of making or managing investments for the resident's own account unless these activities are banking, insurance or security activities) and the income derived from the other Contracting States is derived in connection with or is incidental to that business and that resident satisfies the other conditions of this Agreement for the obtaining of such benefits. 4. A resident of a Contracting State shall nevertheless be granted the benefits of the Agreement if the competent authority of the other Contracting State determines that the establishment or acquisition or maintenance of such person and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... benefit would otherwise be accorded by [the Agreement] if, at that time, the resident is: a) an individual; b) that [Contracting State], or a political subdivision or local authority thereof, or an agency or instrumentality of any such [Contracting State], political subdivision or local authority; c) a company or other entity, if the principal class of its shares is regularly traded on one or more recognised stock exchanges; d) a person, other than an individual, that: i) is a non-profit organisation of a type that is agreed to by the [Contracting States] through an exchange of diplomatic notes; or ii) is an entity or arrangement established in that [Contracting State] that is treated as a separate person under the taxation laws of that [C ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... perating as a holding company; ii) providing overall supervision or administration of a group of companies; iii) providing group financing (including cash pooling); or iv) making or managing investments, unless these activities are carried on by a bank, insurance company or registered securities dealer in the ordinary course of its business as such. b) If a resident of a [Contracting State] derives an item of income from a business activity conducted by that resident in the other [Contracting State], or derives an item of income arising in the other [Contracting State] from a connected person, the conditions described in subparagraph a) shall be considered to be satisfied with respect to such item only if the business activity carried on by ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e, taking int account the object and purpose of [the Agreement], but only if such resident demonstrates to the satisfaction of such competent authority that neither its establishment, acquisition or maintenance, nor the conduct of its operations, had as one of its principal purposes the obtaining of benefits under [the Agreement]. Before either granting or denying a request made under this paragraph by a resident of a [Contracting State], the competent authority of the other [Contracting State] to which the request has been made shall consult with the competent authority of the first-mentioned [Contracting State]. Paragraph 13 of Article 7 of the MLI For the purposes of the Simplified Limitation on Benefits Provision: a) the term recognised ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 50 per cent of the aggregate vote and value of the company's shares) or another person owns, directly or indirectly, at least 50 per cent of the beneficial interest (or, in the case of a company, at least 50 per cent of the aggregate vote and value of the company's shares) in each person; in any case, a person shall be connected to another if, based on all the relevant facts and circumstances, one has control of the other or both are under the control of the same person or persons. [REPLACED by paragraph 1 of Article 7 of the MLI] [6. Notwithstanding anything contained in paragraphs 2 to 5 above, any person shall not be entitled to the benefits of this Agreement, if its affairs were arranged in such a manner as if it was the main pu ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
