Exemption from Taxation. 1. The Bank, its assets, property, income and its operations and transactions pursuant to this Agreement, shall be exempt from all taxation and from all customs duties. The Bank shall also be exempt from any obligation for the payment, withholding or collection of any tax or duty. 2. No tax of any kind shall be levied on or in respect of salaries, emoluments and expenses, as the case may be, paid by the Bank to Directors, Alternate Directors, the President, Vice-Presidents and other officers or employees of the Bank, including experts and consultants performing missions or services for the Bank, except where a member deposits with its instrument of ratification, acceptance, or approval a declaration that such member retains for itself and its political subdivisions the right to tax salaries, and emoluments , as the case may be, paid by the Bank to citizens or nationals of such member. 3. No tax of any kind shall be levied on any obligation or security issued by the Bank, including any dividend or interest thereon, by whomsoever held: (i) which discriminates against such obligation or security solely because it is issued by the Bank; or (ii) if the sole jurisdictional basis for such taxation is the place or currency in which it is issued, made payable or paid, or the location of any office or place of business maintained by the Bank. 4. No tax of any kind shall be levied on any obligation or security guaranteed by the Bank, including any dividend or interest thereon, by whomsoever held: (i) which discriminates against such obligation or security solely because it is guaranteed by the Bank; or (ii) if the sole jurisdictional basis for such taxation is the location of any office or place of business maintained by the Bank.
Appears in 12 contracts
Samples: Articles of Agreement, Articles of Agreement (Asian Infrastructure Investment Bank), Articles of Agreement (Asian Infrastructure Investment Bank)
Exemption from Taxation. 1. The Bank, its assets, property, income and its operations and transactions pursuant to this Agreementtransactions, shall be exempt from all taxation and from all customs duties. The Bank shall also be exempt from any obligation for the payment, withholding or collection of any tax or duty.
2. No tax of any kind shall be levied on or in respect of salaries, salaries and emoluments and expenses, as the case may be, paid by the Bank to Directors, Alternate Directorsalternates, the President, Vice-Presidents and other officers or employees of the Bank, including experts and consultants performing missions or services for the Bank, except where a member deposits with its instrument of ratification, acceptance, ratification or approval acceptance a declaration that such member retains for itself and its political subdivisions the right to tax salaries, salaries and emoluments , as the case may be, paid by the Bank to citizens or nationals of such member.
3. No tax of any kind shall be levied on any obligation or security issued by the Bank, including any dividend or interest thereon, by whomsoever held:
(i) which discriminates against such obligation or security solely because it is issued by the Bank; or
(ii) if the sole jurisdictional basis for such taxation is the place or currency in which it is issued, made payable or paid, or the location of any office or place of business maintained by the Bank.
4. No tax of any kind shall be levied on any obligation or security guaranteed by the Bank, including any dividend or interest thereon, by whomsoever held:
(i) which discriminates against such obligation or security solely because it is guaranteed by the Bank; or
(ii) if the sole jurisdictional basis for such taxation is the location of any office or place of business maintained by the Bank.
Appears in 5 contracts
Samples: Asian Development Bank Act 1966, Agreement Establishing the Asian Development Bank, Agreement Establishing the Asian Development Bank
Exemption from Taxation. 1. The Bank, its assets, property, income and its operations and transactions pursuant to this Agreement, shall be exempt from all taxation and from all customs duties. The Bank shall also be exempt from any obligation for the payment, withholding or collection of any tax or duty.
2. No tax of any kind shall be levied on or in respect of salaries, emoluments and expenses, as the case may be, paid by the Bank to Directors, Alternate Directors, the President, Vice-Vice- Presidents and other officers or employees of the Bank, including experts and consultants performing missions or services for the Bank, except where a member deposits with its instrument of ratification, acceptance, or approval a declaration that such member retains for itself and its political subdivisions the right to tax salaries, and emoluments , as the case may be, paid by the Bank to citizens or nationals of such member.
3. No tax of any kind shall be levied on any obligation or security issued by the Bank, including any dividend or interest thereon, by whomsoever held:
(i) which discriminates against such obligation or security solely because it is issued by the Bank; or
(ii) if the sole jurisdictional basis for such taxation is the place or currency in which it is issued, made payable or paid, or the location of any office or place of business maintained by the Bank.
4. No tax of any kind shall be levied on any obligation or security guaranteed by the Bank, including any dividend or interest thereon, by whomsoever held:
(i) which discriminates against such obligation or security solely because it is guaranteed by the Bank; or
(ii) if the sole jurisdictional basis for such taxation is the location of any office or place of business maintained by the Bank.
Appears in 1 contract
Samples: Articles of Agreement
Exemption from Taxation. 1. The Paragraph a) provides that the Bank, its property, other assets, propertyincome, income transfers and its the operations and transactions it carries out pursuant to this Agreement, shall be exempt immune from all taxation taxation, from all restrictions and from all customs duties. The Moreover it provides that the Bank shall also be exempt immune from any obligation for relating to the payment, withholding or collection of any tax tax, or duty.
2. No Paragraph b) provides that no tax of any kind shall be levied on or in respect of salaries, salaries and emoluments and expenses, as the case may be, paid by the Bank to Directors, Alternate Directorsalternates, the President, Vice-Presidents and other officers or employees of the Bank, including experts and consultants performing missions or services for the Bank, except where a member member, notwithstanding Article 48 Paragraph d), deposits with its instrument of ratification, acceptance, approval or approval accession a declaration that such member retains for itself and its political subdivisions the right to tax salaries, and emoluments , as the case may be, paid by the Bank to citizens or nationals of such member.
3. No Paragraph c) provides that no tax of any kind shall be levied on any obligation or security issued by the Bank, including any dividend or interest thereon, by whomsoever held:
(i) i. which discriminates against such obligation or security solely because it is issued by the Bank; or
(ii) . if the sole jurisdictional basis for such taxation is the place or currency in which it is issued, made payable or paid, or the location of any office or place of business maintained by the Bank.
4. No Paragraph d) provides that no tax of any kind shall be levied on any obligation or security guaranteed by the Bank, including any dividend or interest thereon, by whomsoever held:
(i) i. which discriminates against such obligation or security solely because it is guaranteed by the Bank; or
(ii) . if the sole jurisdictional basis for such taxation is the location of any office or place of business maintained by the Bank.
Appears in 1 contract
Samples: Inter Governmental Agreement