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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 28

Income of Government and Institutions

Notwithstanding any other provisions of this Agreement except Article 3, any income derived by the federal or the local Governments and their financial institutions of one of the Contracting States shall be exempt from tax in the other Contracting State in respect of dividends, interest or capital gains and income derived from immovable property derived by such federal or local Government.