Common use of Exemption from Taxation Clause in Contracts

Exemption from Taxation. 1. The Bank, its assets, property, income and its operations and transactions, shall be exempt from all direct taxation and from all customs duties on goods imported for its official use. 2. Notwithstanding the provisions of paragraph 1 of this Article, the Bank will not claim exemption from taxes which are no more than charges for public utility services. 3. The Bank will not normally claim exemption from excise duties, and from taxes on the sale of movable and immovable property, which form part of the price to be paid. Nevertheless, when the Bank is making important purchases for official use of property on which such duties and taxes have been charged or are chargeable, members will, whenever possible, make appropriate administrative arrangements for the remission or return of the amount of duty or tax. 4. Articles imported under an exemption from customs duties as provided by paragraph 1 of this Article, or in respect of which a remission or return of duty or tax has been made under paragraph 3, shall not be sold in the territory of the member which granted the exemption, remission or return except under conditions agreed with that member. 5. No tax shall be levied on or in respect of salaries and emoluments paid by the Bank to directors, alternates, officers or employees of the Bank, including experts performing missions for the Bank, but members reserve the right to tax their own citizens or nationals or persons permanently resident in the territories of such members. 6. 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 - (a) which discriminates against such obligation or security solely because it is issued by the Bank; or (b) if the sole jurisdictional basis for such taxation is the place or the currency in which it is issued, made payable or paid, or the location of any office or place of business maintained by the Bank. 7. 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 - (a) which discriminates against such obligation or security solely because it is guaranteed by the Bank; or (b) if the sole jurisdictional basis for such taxation is the location of any office or place of business maintained by the Bank.

Exemption from Taxation. 1. The Within the scope of its official activities the Bank, its assets, property, and income and its operations and transactions, shall be exempt from all direct taxation and from all customs duties on goods imported for its official usetaxes. 2. Notwithstanding When purchases or services of substantial value and necessary for the exercise of the official activities of the Bank are made or used by the Bank and when the price of such purchases or services includes taxes or duties, the member that has levied the taxes or duties shall, if they are identifiable, take appropriate measures to grant exemption from such taxes or duties or to provide for their reimbursement. 3. Goods imported by the Bank and necessary for the exercise of its offi- cial activities shall be exempt from all import duties and taxes, and from all import prohibitions and restrictions. Similarly goods exported by the Bank and necessary for the exercise of its official activities shall be exempt from all export duties and taxes, and from all export prohibitions and restrictions. 506 • The Future of the Global Economic Organizations 4. Goods acquired or imported and exempted under this Article shall not be sold, hired out, lent or given away against payment or free of charge, except in accordance with conditions laid down by the members which have granted exemptions or reimbursements. 5. The provisions of paragraph 1 of this Article, the Bank will Article shall not claim exemption from apply to taxes or duties which are no more than charges for public utility services. 36. Directors, Alternate Directors, officers and employees of the Bank shall be subject to an internal effective tax for the benefit of the Bank on salaries and emoluments paid by the Bank, subject to conditions to be laid down and rules to be adopted by the Board of Governors within a period of one year from the date of entry into force of this Agreement. From the date on which this tax is applied, such salaries and emoluments shall be exempt from national income tax. The Bank will not normally claim exemption from excise dutiesmembers may, however, take into account the salaries and from taxes on the sale of movable and immovable property, which form part of the price to be paid. Nevertheless, emoluments thus exempt when the Bank is making important purchases for official use of property on which such duties and taxes have been charged or are chargeable, members will, whenever possible, make appropriate administrative arrangements for the remission or return of assessing the amount of duty or taxtax to be applied to income from other sources. 47. Articles imported under an exemption from customs duties as provided by Notwithstanding the provisions of paragraph 1 6 of this Article, a mem- ber may deposit, with its instrument of ratification, acceptance or in respect of which approval, a remission declaration that such member retains for itself, its political subdivisions or return of duty or its local authorities the right to tax has been made under paragraph 3, shall not be sold in the territory of the member which granted the exemption, remission or return except under conditions agreed with that member. 5. No tax shall be levied on or in respect of salaries and emoluments paid by the Bank to directors, alternates, officers or employees of the Bank, including experts performing missions for the Bank, but members reserve the right to tax their own citizens or nationals or persons permanently resident in the territories of such membersmember. The Bank shall be exempt from any obligation for the payment, withholding or collection of such taxes. The bank shall not make any reimbursement for such taxes. 68. Paragraph 6 of this Article shall not apply to pensions and annuities paid by the Bank. 9. 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 -held: (ai) which discriminates against such obligation or security solely because it is issued by the Bank; , or (bii) if the sole jurisdictional basis for such taxation is the place or the currency cur- rency in which it is issued, made payable or paid, or the location of any office or place of business maintained by the Bank. 710. No tax of any kind shall be levied on any obligation or security guaranteed guar- antied by the Bank, including any dividend or interest thereon, by whomsoever held -whom- soever held: (ai) which discriminates against such obligation or security solely because it is guaranteed its guarantied by the Bank; , or (bii) if the sole jurisdictional basis for such taxation is the location of any office or office; place of business maintained by the Bank.. Appendix H • 507

Exemption from Taxation. 1. The Within the scope of its official activities the Bank, its assets, property, property and income and its operations and transactions, shall be exempt from all direct taxation and from all customs duties on goods imported for its official usetaxes. 2. Notwithstanding When purchases or services of substantial value and necessary for the exercise of the official activities of the Bank are made or used by the Bank and when the price of such purchases op services includes taxes or duties, the member that has levied the taxes or duties shall, if they are identifiable, take appropriate measures to grant exemption from such taxes or duties or to provide for their reimbursement. 3. Goods imported by the Bank and necessary for the exercise of its official activities shall be exempt from all import duties and taxes, and from all import prohibitions and restrictions. Similarly, goods exported by the Bank and necessary for the exercise of its official activities shall be exempt from all export duties and taxes, and from all export prohibitions and restrictions. 4. Goods acquired or imported and exempted under this Article shall not be sold, hired out, lent or given away against payment or free of charge, except in accordance with conditions laid down by the members which have granted exemptions or reimbursements. 5. The provisions of paragraph 1 of this Article, the Bank will Article shall not claim exemption from apply to taxes or duties which are no more than charges for public utility services. 36. Directors, alternate directors, officers and employees of the Bank shall be subject to an internal effective tax for the benefit of the Bank on salaries and emoluments paid by the Bank, subject to conditions to be laid down and rules to be adopted by the Board of Governors within a period of one year from the date of entry into force of this Agreement. From the date on which this tax is applied, such salaries and emoluments shall be exempt from national income tax. The Bank will not normally claim exemption from excise dutiesmembers may, however, take into account the salaries and from taxes on the sale of movable and immovable property, which form part of the price to be paid. Nevertheless, emoluments thus exempt when the Bank is making important purchases for official use of property on which such duties and taxes have been charged or are chargeable, members will, whenever possible, make appropriate administrative arrangements for the remission or return of assessing the amount of duty or taxtax to be applied to income from other sources. 47. Articles imported under an exemption from customs duties as provided by Notwithstanding the provisions of paragraph 1 6 of this Article, a member may deposit, with its instrument of ratification, acceptance or in respect of which approval, a remission declaration that such member retains for itself, its political subdivisions or return of duty or its local authorities the right to tax has been made under paragraph 3, shall not be sold in the territory of the member which granted the exemption, remission or return except under conditions agreed with that member. 5. No tax shall be levied on or in respect of salaries and emoluments paid by the Bank to directors, alternates, officers or employees of the Bank, including experts performing missions for the Bank, but members reserve the right to tax their own citizens or nationals or persons permanently resident in the territories of such membersmember. The Bank shall be exempt from any obligation for the payment, withholding or collection of such taxes. The Bank shall not make any reimbursement for such taxes. 68. Paragraph 6 of this Article shall not apply to pensions and annuities paid by the Bank. 9. 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 -held: (ai) which discriminates against such obligation or security solely because it is issued by the Bank; or (bii) if the sole jurisdictional basis for such taxation is the place or the currency in which it is issued, made payable or paid, or the location of any office or place of business maintained by the Bank. 710. 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 -held: (ai) which discriminates against such obligation or security solely because it is guaranteed by the Bank; or (bii) if the sole jurisdictional basis for such taxation is the location of any office or place of business maintained by the Bank.

Exemption from Taxation. 1. The Within the scope of its official activities the Bank, its assets, property, and income and its operations and transactions, shall be exempt from all direct taxation and from all customs duties on goods imported for its official usetaxes. 2. Notwithstanding When purchases or services of substantial value and necessary for the exercise of the official activities of the Bank are made or used by the Bank and when the price of such purchases or services includes taxes or duties. the member that has levied the taxes or duties shall, if they are identifiable, take appropriate measures to grant exemption from such taxes or duties or to provide for their reimbursement. 3. Goods imported by the Bank and necessary for the exercise of its official activities shall be exempt from all import duties and taxes, and from all import prohibitions and restrictions. Similarly goods exported by the Bank and necessary for the exercise of its official activities shall be exempt from all export duties and taxes, and from all export prohibitions and restrictions. 4. Goods acquired or imported and exempted under this Article shall not be sold, hired out, lent or given away against payment or free of charge, except in accordance with conditions laid down by the members which have granted exemptions or reimbursements. 5. The provisions of paragraph 1 of this Article, the Bank will Article shall not claim exemption from apply to taxes or duties which are no more than charges for public utility services. 36. Directors, Alternate Directors, officers and employees of the Bank shall be subject to an internal effective tax for the benefit of the Bank on salaries and emoluments paid by the Bank, subject to conditions to be laid down and rules to be adopted by the Board of Governors within a period of one year from the date of entry into force of this Agreement. From the date on which this tax is applied, such salaries and emoluments shall be exempt from national income tax. The Bank will not normally claim exemption from excise dutiesmembers may, however, take into account the salaries and from taxes on the sale of movable and immovable property, which form part of the price to be paid. Nevertheless, emoluments thus exempt when the Bank is making important purchases for official use of property on which such duties and taxes have been charged or are chargeable, members will, whenever possible, make appropriate administrative arrangements for the remission or return of assessing the amount of duty or taxtax to be applied to income from other sources. 47. Articles imported under an exemption from customs duties as provided by Notwithstanding the provisions of paragraph 1 6 of this Article, a member may deposit, with its instrument of ratification, acceptance or in respect of which approval, a remission declaration that such member retains for itself, its political subdivisions or return of duty or its local authorities the right to tax has been made under paragraph 3, shall not be sold in the territory of the member which granted the exemption, remission or return except under conditions agreed with that member. 5. No tax shall be levied on or in respect of salaries and emoluments paid by the Bank to directors, alternates, officers or employees of the Bank, including experts performing missions for the Bank, but members reserve the right to tax their own citizens or nationals or persons permanently resident in the territories of such membersmember. The Bank shall be exempt from any obligation for the payment, withholding or collection of such taxes. The bank shall not make any reimbursement for such taxes. 68. Paragraph 6 of this Article shall not apply to pensions and annuities paid by the Bank. 9. No tax of any kind shall be levied on any obligation or security issued by the Bank, . including any dividend or interest thereonxxxxxxx, by whomsoever held -held: (ai) which discriminates against such obligation or security solely because it is issued by the Bank; , or (bii) if the sole jurisdictional basis for such taxation is the place or the currency in which it is issued, made payable or paid, or the location of any office or place of business maintained by the Bank. 710. No tax of any kind shall be levied on any obligation or security guaranteed guarantied by the Bank, including any dividend or interest thereon, by whomsoever held -held: (ai) which discriminates against such obligation or security solely because it is guaranteed its guarantied by the Bank; , or (bii) if the sole jurisdictional basis for such taxation is the location of any office or office; place of business maintained by the BankRank.

Exemption from Taxation. 1. The Within the scope of its official activities the Bank, its assets, property, and income and its operations and transactions, shall be exempt from all direct taxation and from all customs duties on goods imported for its official usetaxes. 2. Notwithstanding When purchases or services of substantial value and necessary for the exercise of the official activities of the Bank are made or used by the Bank and when the price of such purchases or services includes taxes or duties, the member that has levied the taxes or duties shall, if they are identifiable, take appropriate measures to grant exemption from such taxes or duties or to provide for their reimbursement. 3. Goods imported by the Bank and necessary for the exercise of its official activities shall be exempt from all import duties and taxes, and from all import prohibitions and restrictions. Similarly goods exported by the Bank and necessary for the exercise of its official activities shall be exempt from all export duties and taxes, and from all export prohibitions and restrictions. 4. Goods acquired or imported and exempted under this Article shall not be sold, hired out, lent or given away against payment or free of charge, except in accordance with conditions laid down by the members which have granted exemptions or reimbursements. 5. The provisions of paragraph 1 of this Article, the Bank will Article shall not claim exemption from apply to taxes or duties which are no more than charges for public utility services. 36. Directors, Alternate Directors, officers and employees of the Bank shall be subject to an internal effective tax for the benefit of the Bank on salaries and emoluments paid by the Bank, subject to conditions to be laid down and rules to be adopted by the Board of Governors within a period of one year from the date of entry into force of this Agreement. From the date on which this tax is applied, such salaries and emoluments shall be exempt from national income tax. The Bank will not normally claim exemption from excise dutiesmembers may, however, take into account the salaries and from taxes on the sale of movable and immovable property, which form part of the price to be paid. Nevertheless, emoluments thus exempt when the Bank is making important purchases for official use of property on which such duties and taxes have been charged or are chargeable, members will, whenever possible, make appropriate administrative arrangements for the remission or return of assessing the amount of duty or taxtax to be applied to income from other sources. 47. Articles imported under an exemption from customs duties as provided by Notwithstanding the provisions of paragraph 1 6 of this Article, a member may deposit, with its instrument of ratification, acceptance or in respect of which approval, a remission declaration that such member retains for itself, its political subdivisions or return of duty or its local authorities the right to tax has been made under paragraph 3, shall not be sold in the territory of the member which granted the exemption, remission or return except under conditions agreed with that member. 5. No tax shall be levied on or in respect of salaries and emoluments paid by the Bank to directors, alternates, officers or employees of the Bank, including experts performing missions for the Bank, but members reserve the right to tax their own citizens or nationals or persons permanently resident in the territories of such membersmember. The Bank shall be exempt from any obligation for the payment, withholding or collection of such taxes. The bank shall not make any reimbursement for such taxes. 68. Paragraph 6 of this Article shall not apply to pensions and annuities paid by the Bank. 9. 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 -held: (ai) which discriminates against such obligation or security solely because it is issued by the Bank; , or (bii) if the sole jurisdictional basis for such taxation is the place or the currency in which it is issued, made payable or paid, or the location of any office or place of business maintained by the Bank. 710. No tax of any kind shall be levied on any obligation or security guaranteed guarantied by the Bank, including any dividend or interest thereon, by whomsoever held -held: (ai) which discriminates against such obligation or security solely because it is guaranteed its guarantied by the Bank; , or (bii) if the sole jurisdictional basis for such taxation is the location of any office or office; place of business maintained by the Bank.