Common use of NO PREJUDICIAL OR RESTRICTIVE MEASURES Clause in Contracts

NO PREJUDICIAL OR RESTRICTIVE MEASURES. 1. Neither of the Contracting Parties shall apply prejudicial or restrictive measures based on harmful tax practices to residents or nationals of either Contracting Party so long as this Agreement is in force and effective. 2. For the purposes of this Article, "prejudicial or restrictive measure based on harmful tax practices" means a measure applied by one Contracting Party to residents or nationals of either Contracting Party on the basis that the other Contracting Party does not engage in effective exchange of information and/or because it lacks transparency in the operation of its laws, regulations or administrative practices, or on the basis of no or nominal taxes and one of the preceding criteria. 3. Without limiting the generality of paragraph 2 the term "prejudicial or restrictive measure" includes the denial of a deduction, credit or exemption, the imposition of a tax, charge or levy, or special reporting requirements. 4. A " prejudicial or restrictive measure" does not include generally applicable measures, applied by either Contracting Party, such as controlled foreign companies, foreign investment funds, transferor trusts, Transfer Pricing, Thin Capitalisation, operation of the relief from double taxation provisions or general information reporting rules that relate to the disclosure of information from other countries or jurisdictions, or transactions with such countries or jurisdictions, such as record keeping requirements imposed on foreign owned subsidiaries to ensure access to information concerning parent companies.

NO PREJUDICIAL OR RESTRICTIVE MEASURES. 1. Neither of the Contracting Parties shall apply prejudicial or restrictive measures based on harmful tax practices to residents or nationals of either Contracting Party so long as this Agreement is in force and effective. 2. For the purposes of this Article, "A “prejudicial or restrictive measure based on harmful tax practices" means ” is a measure applied by one Contracting Party to residents or nationals of either Contracting Party on the basis that the other Contracting Party does not engage in effective exchange of information and/or because it lacks transparency in the operation of its laws, regulations or administrative practices, or on the basis of no or nominal taxes and one of the preceding criteria. 3. Without limiting the generality of paragraph 2 2, the term "“prejudicial or restrictive measure" ” includes the denial of a deduction, credit or exemption, the imposition of a tax, charge or levy, or special reporting requirements. 4. 4 A " “prejudicial or restrictive measure" ” does not include generally applicable measures, applied by either Contracting Party, such as controlled foreign companiesControlled Foreign Company rules, foreign investment funds, transferor trustsForeign Investment Fund rules, Transfer PricingPricing rules, Thin CapitalisationCapitalisation rules, Transferor Trust rules, the operation of the relief from double taxation provisions dual exempt and foreign tax credit systems or general information reporting rules that relate to the disclosure of information from other countries or jurisdictions, or transactions with such countries or jurisdictions, such as record keeping requirements imposed on foreign owned subsidiaries to ensure access to information concerning parent companies.

NO PREJUDICIAL OR RESTRICTIVE MEASURES. 1. Neither of the Contracting Parties shall apply prejudicial or restrictive measures based on harmful tax practices to residents or nationals of either Contracting Party so long as this Agreement is in force and effective. 2. For the purposes of this Article, "prejudicial or restrictive measure based on harmful tax practices" means a measure applied by one Contracting Party to residents or nationals of either Contracting Party on the basis that the other Contracting Party does not engage in effective exchange of information and/or because it lacks transparency in the operation of its laws, regulations or administrative practices, or on the basis of no or nominal taxes and one of the preceding criteria. 3. Without limiting the generality of paragraph 2 the term "prejudicial or restrictive measure" includes the denial of a deduction, credit or exemption, the imposition of a tax, charge or levy, or special reporting requirements. 4. A " "prejudicial or restrictive measure" does not include generally applicable measures, applied by either Contracting Party, such as controlled foreign companiesControlled Foreign Companies, foreign investment fundsForeign Investment Funds, transferor trustsTransferor Trusts, Transfer Pricingtransfer pricing, Thin Capitalisationthin capitalisation, operation of the relief from double taxation provisions dual exempt and foreign tax credit systems or general information reporting rules that relate to the disclosure of information from other countries or jurisdictions, or transactions with such countries or jurisdictions, such as record keeping requirements imposed on foreign owned subsidiaries to ensure access to information concerning parent companies.

NO PREJUDICIAL OR RESTRICTIVE MEASURES. 1. Neither of the Contracting Parties shall apply prejudicial or restrictive measures based on harmful tax practices to residents or nationals of either Contracting Party so long as this Agreement is in force and effective. 2. For the purposes of this Article, "“prejudicial or restrictive measure based on harmful tax practices" ” means a measure applied by one Contracting Party to residents or nationals of either Contracting Party on the basis that the other Contracting Party does not engage in effective exchange of information and/or because it lacks transparency in the operation of its laws, regulations or administrative practices, or on the basis of no or nominal taxes and one of the preceding criteria. 3. Without limiting the generality of paragraph 2 the term "“prejudicial or restrictive measure" ” includes the denial of a deduction, credit or exemption, the imposition of a tax, charge or levy, or special reporting requirements. 4. A " “prejudicial or restrictive measure" ” does not include generally applicable measures, applied by either Contracting Party, such as controlled foreign companies, foreign investment funds, transferor trusts, Transfer Pricing, Thin Capitalisation, operation of the relief from double taxation provisions or general information reporting rules that relate to the disclosure of information from other countries or jurisdictions, or transactions with such countries or jurisdictions, such as record keeping requirements imposed on foreign owned subsidiaries to ensure access to information concerning parent companies.

NO PREJUDICIAL OR RESTRICTIVE MEASURES. 1. Neither of the Contracting Parties shall apply prejudicial or restrictive measures based on harmful tax practices to residents or nationals of either Contracting Party so long as this Agreement is in force and effective. 2. For the purposes of this Article, "“prejudicial or restrictive measure based on harmful tax practices" ” means a measure applied by one Contracting Party to residents or nationals of either Contracting Party on the basis that the other Contracting Party does not engage in effective exchange of information and/or because it lacks transparency in the operation of its laws, regulations or administrative practices, or on the basis of no or nominal taxes and one of the preceding criteria. 3. Without limiting the generality of paragraph 2 the term "“prejudicial or restrictive measure" ” includes the denial of a deduction, credit or exemption, the imposition of a tax, charge or levy, or special reporting requirements. 4. A " “prejudicial or restrictive measure" ” does not include generally applicable measures, applied by either Contracting Party, such as controlled foreign companiesControlled Foreign Companies, foreign investment fundsForeign Investment Funds, transferor trustsTransferor Trusts, Transfer Pricingtransfer pricing, Thin Capitalisationthin capitalisation, operation of the relief from double taxation provisions dual exempt and foreign tax credit systems or general information reporting rules that relate to the disclosure of information from other countries or jurisdictions, or transactions with such countries or jurisdictions, such as record keeping requirements imposed on foreign owned subsidiaries to ensure access to information concerning parent companies.