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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.

PROTOCOL

At the time of signing the Agreement between the Government of the United Arab Emirates and the Government of the Republic of Senegal for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to Taxes on Income (hereinafter referred to as "the Agreement") it was agreed that the following Protocol shall form an integral part of the Agreement.

(1) With reference to Article 10:

It is understood that the provisions of paragraph 2 shall not apply where judicial, administrative or other legal proceeding have resulted in a final ruling that by actions giving rise to an adjustment of profits under paragraph 1, one of the enterprises concerned is liable to penalty with respect to fraud, gross negligence or wilful default.

A contracting state shall not adjust the profits of an enterprise under the provisions of paragraph 2 after the expiration of the allotted period in the internal law and, in any cases, after the expiration of the allotted period of four years from the end of the year which the profits that might be subjected to adjustment should be realised by an enterprise of that state.

(2) With reference to Articles 11, 12 and 13:

It is understood that the provisions of these Articles shall also apply to the existing investments of Dubai World in the Republic of Senegal.

(3) With reference to Article 24:

It is understood that the provisions of this Article shall apply to any new investments created by a subsidiary, company or an entity wholly or partially owned by Dubai World in the Republic of Senegal.

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

DONE in Dakar on Thursday 22/10/2015, in duplicate Arabic, English and French languages each text is equally authentic.

FOR THE GOVERNMENT OF THE UNITED ARAB EMIRATES:

ABDULLAH BIN ZAYED AL NAHYAN

MINISTER FOREIGN AFFAIRS

FOR THE GOVERNMENT OF THE REPUBLIC OF SENEGAL:

MANKEUR NDIAYE

MINISTER OF FOREIGN AFFAIRS AND SENEGALESE ABROAD