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ARTICLE 24

Income Generated by the Governments and the Authorities Affiliated Thereto

(1) Without prejudice to the provisions of Articles (10), (11) and (12) of this Convention, any income generated by the government of a Contracting State shall be exempted from tax and duties in the territory of the other State.

(2) For the purposes of Paragraph (1) of this Article, the term "government" shall mean:

  • (a) In Morocco, the government of the Kingdom of Morocco includes:
    • (i) local authorities;
    • (ii) authorities established under the law and undertaking governmental duties;
    • (iii) bank of Morocco;
    • (iv) mass Processing Fund;
    • (v) development Agency of the Northern Territories;
  • (b) In the United Arab Emirates, the government of the United Arab Emirates, which includes:
    • (i) political subdivisions, local authorities and local governments;
    • (ii) central Bank, Abu Dhabi Investment Authority and Abu Dhabi Fund for Development;
    • (iii) any government authority or institution as agreed upon by both Contracting States from time to time.