Exemption in respect of certain income of wholly owned subsidiary of Abu Dhabi Investment Authority and Sovereign Wealth Fund.

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..... ion 10 of the Act provides for exemption in respect of certain incomes and activities under specific circumstances. In order to promote investment of sovereign wealth fund, including the wholly owned subsidiary of Abu Dhabi Investment Authority (ADIA), it is proposed to insert a new clause in the said section so as to provide exemption to any income of a specified person in the nature of divi .....

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..... United Arab Emirates (UAE) and which makes investment, directly or indirectly, out of the fund owned by the Government of the United Arab Emirates; and (b) a sovereign wealth fund which satisfies the following conditions: A. It is wholly owned and controlled, directly or indirectly, by Government of a foreign country; B. It is set up and regulated under the law of the foreign countr .....

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