Note: This Treaty may be impacted by the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent BEPS (MLI). MLI impact on Tax Treaties is available with the Orbitax International Tax Research & Compliance Expert.
ARTICLE 23
Income of Government and Institutions
(1) The Government of one of the Contracting States shall be exempt from 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 Sri Lanka, means the Government of Sri Lanka, and shall include:
- (i) Central Bank of Sri Lanka;
- (ii) any such institution or body as may be agreed from time to time between the two Contracting States;
- (b) in the case of UAE, means the Government of the United Arab Emirates, and shall include:
- (i) the political sub-division, the local authorities, the local administrations, and the local governments;
- (ii) the Central Bank of the United Arab Emirates;
- (iii) any such institution or body as may be agreed from time to between the two Contracting States.