23-JAN-1992
09:56
POLITICAL ADVISOR OFFICE
+852 521 8702
P.05
Article 56
EXEMPTION FROM TAXATION
1. The Bank, its assets, property, income and its operations and transactions, shall be exempt from all taxation and from all customs duties. The Bank shall also be exempt from any obligation for the payment, with. holding or collection of any tax or duty.
2. 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, except where a member deposits with its instrument of ratification or acceptance a declaration that such member retains for itself and its political subdivisions the right to tax salaries and emoluments 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 whom- soever 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
(u)
if the sole jurisdictional basis for such taxation is the location of any office or place of business maintained by the Bank.
Article 57
IMPLEMENTATION
Each member, in accordance with its juridical system, shall promptly take such action as is necessary to make effective in its own territory the
36