S.I. No. 411/2017 - Asian Infrastructure Investment Bank (Privileges and Immunities) Order 2017.

1. Subject to the provisions of the Bank’s Articles of Agreement, the Bank may freely pursue all official activities within the Member without any restrictions and the necessity for further permits and/or authorizations from the authorities of the Member, including but not limited to anti-monopoly authorities, central bank, and/or other regulators or entities responsible for oversight of a particular sector, types of operations, and/or acquisitions.

2. The provision of the Bank’s services and/or loans to entities within the Member, including without limitation, sub-sovereign or municipal entities and/or private sectors, shall not be subject to competitive tender.

Article 9

Waivers

The Bank at its discretion may waive any of the privileges, immunities and exemptions conferred under this Schedule in any case or instance, in such manner and upon such conditions as it may determine to be appropriate in the best interests of the Bank.

GIVEN under the Official Seal of the Government,

19 September 2017.

LEO VARADKAR,

Taoiseach.

EXPLANATORY NOTE

(This note is not part of the Instrument and does not purport to be a legal interpretation.)

The effect of this order is to accord various privileges and immunities to the Asian Infrastructure Investment Bank pursuant to the Diplomatic Relations and Immunities Acts 1967-2006.

3. No tax of any kind shall be levied by the Government on any obligation or security issued by the Bank, including any dividend or interest thereon, by whomsoever 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.

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

(ii) if the sole jurisdictional basis for such taxation is the location of any office or place of business maintained by the Bank.

4. Purchases made and/or services used in the exercise of the Bank’s official activities shall be exempt from all taxes (including value added tax), fees, and/or charges or mandatory payments of whatever nature. If the price of such purchases and/or services includes taxes, fees, and/or charges or mandatory payments of whatever nature, the Government shall take appropriate measures to grant exemption from such taxes, fees and/or charges, or provide for their reimbursement to the Bank.

5. Goods imported by the Bank into the Member and necessary for the exercise of its official activities shall be imported in the Bank’s name and shall be exempt from all import duties, taxes, charges, fees and levies, and from all import prohibitions and restrictions. Goods exported by the Bank from the Member shall be exempt from all export duties, taxes, charges, fees and levies, and from all export prohibitions and restrictions.

6. Services provided by the Bank in the Member in the exercise of its official activities shall not be subject to any form of taxation (including value added tax).

7. All imported and local goods, equipment, material, works and services, including consultancy services, used in the undertaking of any project financed by the Bank, shall be exempt from any taxes, duties or other fees, charges or mandatory payments levied by or in the State.

8. The value of any incentive payments, goods, equipment, works, related services and/or materials provided as a result of financial investments made by the Bank shall be exempt from corporate tax levied by, or in the territory of, the Member and shall not be deemed to be a taxable benefits or taxable income of the entity that may directly or indirectly benefit from such financial investment.

Article 8

Freedom of Operations from Restrictions

Notice of the making of this Statutory Instrument was published in

“Iris Oifigiúil” of

26

th September

, 2017.

WHEREAS it is enacted by

section 40

(1) (amended by

section 3

of the

Diplomatic Relations and Immunities (Amendment) Act 2006

(No. 10 of 2006)) of the

Diplomatic Relations and Immunities Act 1967

(No. 8 of 1967) that the Government may by order designate an international organisation, community or body of which the State or the Government is or intends to become a member to be an organisation to which Part VIII of that Act applies and may, by the order, make provision for the purposes of section 42 of that Act, as respects inviolability, exemptions, facilities, immunities, privileges and rights (other than inviolability, exemptions, facilities, immunities, privileges or rights not conferred upon, or afforded in relation to, sending states or missions under the Vienna Convention) in relation to the organisation;

AND WHEREAS the Asian Infrastructure Investment Bank is such an international organisation, community or body;

NOW, the Government, in exercise of the powers conferred on them by the said section 40(1), hereby order as follows