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PROTOCOL

At the time of signing of the Agreement between the Government of the Republic of San Marino and the Government of the United Arab Emirates for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to Taxes on Income (“the Agreement”), the two Governments have agreed on the following provisions which shall form an integral part of the Agreement.

(1) With respect to Article 28 of this Agreement it is understood that:

  • (a) financial institutions in the UAE which are recognised as an integral part of the UAE Federal and Local Governments are as follows:
    • (i) Central Bank of the United Arab Emirates,
    • (ii) Emirates Investment Authority,
    • (iii) Abu Dhabi Investment Authority,
    • (iv) International Petroleum Investment Company (IPIC);
    • (v) Abu Dhabi Investment Council,
    • (vi) Investment Corporation of Dubai,
    • (vii) Mubadala Development Company,
    • (viii) the Abu Dhabi Retirement Pensions and Benefits Fund
    • (ix) the General Pension and Social Security Authority,
  • provided that they are under direct or indirect Control of UAE Federal and Local Governments.
  • (b) Financial institutions in case of San Marino:
  • provided that they are under direct or indirect Control of the Government of San Marino.

(2) Any other entity the capital of which is under direct or indirect Control of the federal or local Governments of one of the Contracting States, including a political subdivision and the local authority thereof, and is notified by such Contracting State and approved by the other Contracting State through diplomatic channels by exchange of letters shall be deemed an integral part of the federal or local Governments of the first Contracting State.

(3) It is further agreed that the successors and assignees of the entities notified and approved as per paragraph (1) above and which are under direct or indirect Control of the federal or local Governments of one of the Contracting States, including a political subdivision and the local authority thereof, shall be recognized as qualified government entities.

(4) It is agreed that the list of such institutions as well as documentation evidencing the fulfilment of Control requirements of this Article shall be exchanged at any time before or after the entry into force of this Agreement. Documentation evidencing the fulfilment of Control requirements of this Article shall be exchanged also in any case of succession or assignment as per paragraph (1) above.

(5) For the purposes of this Protocol, “Control” shall be deemed established through direct ownership of more than fifty per cent (50%) of the issued share capital or of more than fifty per cent (50%) of the shares conferring voting rights of the respective entity.

IN WITNESS WHEREOF, the undersigned, being duly authorised thereto by their respective Governments, have signed this Protocol.

DONE in duplicate at Abu Dhabi this 11 of July 2018 in three originals, in Italian, in English, and in Arabic languages. In case of divergence the English text shall prevail.

FOR THE GOVERNMENT OF THE REPUBLIC OF SAN MARINO:

NICOLA RENZI

MINISTER OF FOREIGN AFFAIRS

FOR THE GOVERNMENT OF THE UNITED ARAB EMIRATES:

ANWAR BIN MOHAMMED GARGASH

MINISTER OF STATE FOR FOREIGN AFFAIRS