TMI BlogInterestX X X X Extracts X X X X X X X X Extracts X X X X ..... by the Government of that other Contracting State, a political sub-division or local authority thereof, or the central bank of that other Contracting State or any financial institution wholly owned by that Government; or (b) the interest is derived and beneficially owned by a resident of that other Contracting State with respect to debt-claims guaranteed, insured or indirectly financed by the Government of that other Contracting State, a political sub-division or local authority thereof, or the central bank of that other Contracting State or any financial institution wholly owned by that Government. 4. For the purposes of paragraph 3, the terms the central bank and financial institution wholly owned by that Government me ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... forms in that other Contracting State independent personal services from a fixed base situated therein, and the debt-claim in respect of which the interest is paid, is effectively connected with such permanent establishment or fixed base. In such case, the provisions of article 7 or article 14, as the case may be, shall apply. 7. Interest shall be deemed to arise in a Contracting State when the payer is that Contracting State itself, a political sub-division or a local authority thereof or a resident of that Contracting State. Where, however, the person paying the interest, whether he is a resident of a Contracting State or not, has in a Contracting State a permanent establishment or a fixed base in connection with which the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ate or any financial institution wholly owned by that Government, or by any resident of the other Contracting State with respect to debt-claims guaranteed or indirectly financed by the Government of that other Contracting State, a political sub-division or a local authority thereof, the Central Bank of that other Contracting State or any financial institution wholly owned by that Government shall be exempt from tax in the first-mentioned Contracting State. 4. For the purposes of paragraph 3, the terms the Central Bank and financial institution wholly owned by the Government mean : (a) in the case of Japan: (i) the Bank of Japan; (ii) 1 [International business unit of Japan Finance Corpora ..... X X X X Extracts X X X X X X X X Extracts X X X X
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