9911796707
TMI BlogLimitation of BenefitsX X X X Extracts X X X X X X X X Extracts X X X X ..... the Agreement], a benefit under [the Agreement] shall not be granted in respect of an item of income or capital if it is reasonable to conclude, having regard to all relevant facts and circumstances, that obtaining that benefit was one of the principal purposes of any arrangement or transaction that resulted directly or indirectly in that benefit, unless it is established that granting that benefit in these circumstances would be in accordance with the object and purpose of the relevant provisions of [the Agreement]. The following paragraphs 8 to 13 of Article 7 of the MLI applies and supersedes the provisions of this Agreement: ARTICLE 7 OF THE MLI PREVENTION OF TREATY ABUSE (Simplified Limitation on Benefits Provision) Paragraph 8 of Arti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ively to administer or provide retirement benefits and ancillary or incidental benefits to individuals and that is regulated as such by that [Contracting State] or one of its political subdivisions or local authorities; or B) that is established and operated exclusively or almost exclusively to invest funds for the benefit of entities or arrangements referred to in subdivision A); e) a person other than an individual, if, on at least half the days of a twelve-month period that includes the time when the benefit would otherwise be accorded, persons who are residents of that [Contracting State] and that are entitled to benefits of the Agreement under subparagraphs a) to d) own, directly or indirectly, at least 50 per cent of the shares of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s substantial in relation to the same activity or a complementary business activity carried on by the resident or such connected person in the other [Contracting State]. Whether a business activity is substantial for the purposes of this subparagraph shall be determined based on all the facts and circumstances. c) For purposes of applying this paragraph, activities conducted by connected persons with respect to a resident of a [Contracting State] shall be deemed to be conducted by such resident. Paragraph 11 of Article 7 of the MLI A resident of a [Contracting State] that is not a qualified person shall also be entitled to a benefit that would otherwise be accorded by [the Agreement] with respect to an item of income if, on at least half of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... laws of either [Contracting State]; and ii) any other stock exchange agreed upon by the competent authorities of the [Contracting States]; b) the term principal class of shares means the class or classes of shares of a company which represents the majority of the aggregate vote and value of the company or the class or classes of beneficial interests of an entity which represents in the aggregate a majority of the aggregate vote and value of the entity; c) the term equivalent beneficiary means any person who would be entitled to benefits with respect to an item of income accorded by a [Contracting State] under the domestic law of that [Contracting State], [the Agreement] or any other international instrument which are equivalent to, or more ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
