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ARTICLE 23

Income of Governments and their Authorities

(1) Any revenues generated by a Contracting State government shall be exempted from any taxes or duties imposed in the other Contracting state.

(2) For purposes of paragraph (1) hereof, the term "government" shall mean:

  • (a) For SAR: the Syrian government which includes:
    • (i) the local authorities and municipalities;
    • (ii) the Central Bank - and the Syrian Commercial Bank and its branches;
    • (iii) any institution or authority as agreed upon from time to time between both Contracting States;
  • (b) For UAE, the government of UAE which includes:
    • (i) political divisions, local authorities, municipalities and local governments;
    • (ii) the Central Bank of UAE, Abu Dhabi Investment Authority and Abu Dhabi Fund for Development;
    • (iii) any institution or authority as agreed upon from time to time between both Contracting States.