Article 1
Persons Covered
[GTL Notes - See Protocol 1]

1. This Convention shall apply to persons who are residents of one or both of the Contracting States.

2. This Convention shall not affect the taxation by a Contracting State of its residents.

Article 2
Taxes Covered

1. This Convention shall apply to taxes on income imposed on behalf of a Contracting State, and in the case of the United Arab Emirates, it shall also include taxes on income imposed on behalf of the political subdivisions or local authorities, irrespective of the manner in which they are levied.

2. There shall be regarded as taxes on income all taxes imposed on total income or on elements of income, including taxes on gains from the alienation of movable or immovable property, taxes on the total amounts of wages or salaries paid by enterprises, as well as taxes on capital appreciation.

3. The existing taxes to which the Convention shall apply are in particular:

   1. In the case of Colombia:

      1. impuesto sobre la rente y complementarios (income tax and its complimentary taxes)

      (hereinafter Colombian tax);

   2. In the case of the United Arab Emirates:

      1. The income tax; and

      2. The corporate tax

      (hereinafter the United Arab Emirates tax).

4. The Convention shall apply also to any identical or substantially similar taxes that are imposed after the date of signature of the Convention in addition to, or in place of, the existing taxes. The competent authorities of the Contracting States shall notify each other of any significant changes that have been made in their taxation laws.

Article 3
General Definitions

1. For the purposes of this Convention, unless the context otherwise requires;

   1. The term 'Colombia' designates the Republic of Colombia and, used in a geographical sense, includes its land territory, both continental and insular, its airspace, sea and submarine areas, and other elements over which it exercises sovereignty, sovereign rights or jurisdiction under the Colombian Constitution of 1991 and its laws, and in accordance with international law, including applicable international treaties;

   2. The term 'United Arab Emirates' when used in a geographical sense, means the territory of the United Arab Emirates which is under its sovereignty as well as the area outside the territorial water, airspace and submarine areas over which the United Arab Emirates exercises, sovereign and jurisdictional rights in respect of any activity carried on in its water, sea bed, subsoil, in connection with the exploration for or the exploitation of natural resources by virtue of its law and International law;

   3. The terms 'a Contracting State' and 'the other Contracting State' mean Colombia or the United Arab Emirates as the context requires;

   4. The term 'person' includes an individual, a company and any other body of persons;

   5. The term 'company' means any body corporate or any entity that is treated as a body corporate for tax purposes;

   6. The term 'enterprise' applies to the carrying on of any business;

   7. The terms 'enterprise of a Contracting State' and 'enterprise of the other Contracting State' mean respectively an enterprise carried on by a resident of a Contracting State and an enterprise carried on by a resident of the other Contracting State;

   8. The term 'international traffic' means any transport by a ship or aircraft, except when the ship or aircraft is operated solely between places in a Contracting State and the enterprise that operates the ship or aircraft is not an enterprise of that State;

   9. The term 'competent authority' means:

      1. in the case of Colombia, the Minister of Finance and Public Credit or his authorised representative;

      2. in the case of the United Arab Emirates, the State Minister for Financial Affairs or his authorized representative;

   10. The term 'national', in relation to a Contracting State, means:

       1. any individual possessing the nationality or citizenship of that State; and

       2. any legal person, partnership or association deriving its status as such from the laws in force in that State;

   11. The term 'business' includes the performance of professional services and of other activities of an independent character,

   12. The terms 'pension fund' and 'severance fund' mean any entity or arrangement established in and recognized according to the laws of a Contracting State that is treated as a separate person under the taxation laws of that State and: [GTL Notes - See Protocol 2]

       1. is established and operated exclusively or almost exclusively to administer or provide retirement or severance benefits and ancillary or incidental benefits to individuals and that is regulated as such by that State or one of its political subdivisions or local authorities; or

       2. that is established and operated exclusively or almost exclusively to invest funds for the benefit of entitles or arrangements referred to in subdivision (i).

          For both Contracting States, said arrangements are generally not liable to tax.

2. As regards the application of the Convention at any time by a Contracting State, any term not defined therein shall, unless the context otherwise requires, have the meaning that it has at that time under the law of that State for the purposes of the taxes to which the Convention applies, any meaning under the applicable tax laws of that State prevailing over a meaning given to the term under other laws of that State.

Article 4
Resident
[GTL Notes - See Protocol 3]

1. For the purposes of this Convention, the term 'resident of a Contracting State' means:

   1. In the case of Colombia:

      1. any person who, under the laws of that State, is liable to tax therein by reason of that person's domicile, residence, place of incorporation or organization, place of management or any other criterion of a similar nature;

      2. the State, any political subdivision or local authority thereof;

      3. a pension or severance fund.

         this term, however, does not include any person who is liable to tax in Colombia in respect only of income from sources in Colombia.

   2. In the case of the United Arab Emirates:

      1. an individual who Is a resident under the laws of the United Arab Emirates or of any political subdivision or local authority and a national of the United Arab Emirates;

      2. the State of the United Arab Emirates and any of its political subdivisions or local authority thereof;

      3. any person other than an individual deriving its status as such from the laws in the United Arab Emirates, which is wholly owned or controlled directly or indirectly by the United Arab Emirates or any political subdivision or local government or local authority thereof;

      4. public pension funds, charities and other tax exempt organizations, but only if they meet alt of the requirements for exemption specified in the tax laws of the United Arab Emirates.

2. Where by reason of the provisions of paragraph 1 an individual is a resident of both Contracting States, then his status shall be determined as follows:

   1. he shall be deemed to be a resident only of the State in which he has a permanent home available to him; if he has a permanent home available to him in both States, he shall be deemed to be a resident only of the State with which his personal and economic relations are closer (centre of vital interests);

   2. if the State in which he has his centre of vital interests cannot be determined, or if he has not a permanent home available to him in either State, he shall be deemed to be a resident only of the State in which he has an habitual abode;

   3. if he has an habitual abode in both States or in neither of them, he shall be deemed to be a resident only of the State of which he is a national;

   4. if he is a national of both States or of neither of them, the competent authorities of the Contracting States shall settle the question by mutual agreement.

3. Where by reason of the provisions of paragraph 1 a person other than an individual is a resident of both Contracting States, then it shall not be treated as a resident of either Contracting State for purposes of its claiming any benefits provided by this Convention.

Article 5
Permanent Establishment

1. For the purposes of this Convention, the term 'permanent establishment' means a fixed place of business through which the business of an enterprise is wholly or partly carried on.

2. The term 'permanent establishment' includes especially:

   1. a place of management;

   2. a branch;

   3. an office;

   4. a factory; and

   5. a workshop

   6. a building site or construction or Installation project, provided that it lasts more than 90 days in any 12 month period.^[G1]

3. The term 'permanent establishment' also encompasses an enterprise of a Contracting State that performs services in the other Contracting State through one or more individuals who are present in that other State for a period or periods exceeding in the aggregate 90 days in any 12 month period. Where an enterprise of a Contracting State that performs services in the other Contracting State is associated with another enterprise that is also performing services in that other State through one or more individuals who are present and performing such services in that State, the first mentioned enterprise shall be deemed to be performing services in the other State through these individuals if the services performed by both enterprises are the same or substantially similar. An enterprise shall be deemed to be associated with another enterprise for the purposes of the preceding sentence if either participates directly or indirectly in the management, control or capital of the other or if the same persons participate directly or indirectly in the management, control or capital of both.^[G2]

4. Notwithstanding the preceding provisions of this Article, the term 'permanent establishment' shall be deemed not to include:

   1. the use of facilities solely for the purpose of storage, display or delivery of goods or merchandise belonging to the enterprise;

   2. the maintenance of a stock of goods or merchandise belonging to the enterprise solely for the purpose of storage, display or delivery;

   3. the maintenance of a stock of goods or merchandise belonging to the enterprise solely for the purpose of processing by another enterprise;

   4. the maintenance of a fixed place of business solely for the purpose of purchasing goods or merchandise or of collecting Information, for the enterprise;

   5. the maintenance of a fixed place of business solely for the purpose of carrying on, for the enterprise, any other activity;

   6. the maintenance of a fixed place of business solely for any combination of activities mentioned in subparagraphs a) to e), provided that such activity or, in the case of subparagraph f), the overall activity of the fixed place of business, is of a preparatory or auxiliary character.

5. Paragraph 4 shall not apply to a fixed place of business that is used or maintained by an enterprise if the same enterprise or a closely related enterprise carries on business activities at the same place or at another place in the same Contracting State and

   1. that place or other place constitutes a permanent establishment for the enterprise or the closely related enterprise under the provisions of this Article, or

   2. the overall activity resulting from the combination of the activities carried on by the two enterprises at the same place, or by the same enterprise or closely related enterprises at the two places, is not of a preparatory or auxiliary character,

      provided that the business activities carried on by the two enterprises at the same place, or by the same enterprise or closely related enterprises at the two places, constitute complementary functions that are part of a cohesive business operation.

6. For the purposes of paragraph 5, a person or enterprise is closely related to an enterprise if, based on all the relevant facts and circumstances, one has control of the other or both are under the control of the same persons or enterprises. In any case, a person or enterprise shall be considered to be closely related to an enterprise if one possesses directly or indirectly more than 50 per cent of the beneficial interest in the other (or, in the case of a company, more than 50 per cent of the aggregate vote and value of the company's shares or of the beneficial equity interest in the company) or if another person or enterprise possesses directly or indirectly more than 50 per cent of the beneficial interest (or, in the case of a company, more than 50 per cent of the aggregate vote and value of the company's shares or of the beneficial equity interest in the company) in the person and the enterprise or in the two enterprises.

7. Notwithstanding the provisions of paragraphs 1 and 2, but subject to the provisions of paragraph 8, where a person is acting in a Contracting State on behalf of an enterprise and, in doing so, habitually concludes contracts, or negotiates the material elements of contracts, that are

   1. in the name of the enterprise, or

   2. for the transfer of the ownership of, or for the granting of the right to use, property owned by that enterprise or that the enterprise has the right to use, or

   3. for the provision of services by that enterprise,

   that enterprise shall be deemed to have a permanent establishment in that State in respect of any activities which that person undertakes for the enterprise, unless the activities of such person are limited to those mentioned in paragraph 4 which, if exercised through a fixed place of business, would not make this fixed place of business a permanent establishment under the provisions of that paragraph.

8. 1. Paragraph 7 shall not apply where the person acting in a Contracting State on behalf of an enterprise of the other Contracting State carries on business in the first-mentioned State as an independent agent and acts for the enterprise in the ordinary course of that business. Where, however, a person acts exclusively or almost exclusively on behalf of one or more enterprises to which it is connected, that person shall not be considered to be an independent agent within the meaning of this paragraph with respect to any such enterprise.

   2. For the purpose of this paragraph, a person or enterprise shall be connected to an enterprise if one possesses at least 50 per cent of the beneficial interests in the other (or, in the case of a company, at least 50 per cent of the aggregate vote and value of the company's shares or of the beneficial equity interest in the company) or if a person or enterprise possesses at least 50 per cent of the beneficial interest (or, in the case of a company, at least 50 per cent of the aggregate voting power and value of the company's shares or of the beneficial equity interest in the company) in the person and the enterprise. In any case, a person or enterprise shall be considered to be connected to an enterprise if, based on all the relevant facts and circumstances, one has control of the other or both are under the control of the same persons or enterprises.^[G3]

9. Notwithstanding the preceding provisions of this Article, an insurance enterprise of a Contracting State shall, except in regard to re-insurance, be deemed to have a permanent establishment in the other Contracting State if it collects premiums in the territory of that other State or insures risks situated therein through a person other than an agent of an independent status to whom paragraph 8 applies.

10. The fact that a company which is a resident of a Contracting State controls or is controlled by a company which is a resident of the other Contracting State, or which carries on business in that other State (whether through a permanent establishment or otherwise), shall not of itself constitute either company a permanent establishment of the other.

Article 6
Immovable Property

1. Income derived by a resident of a Contracting State from immovable property (including income from agriculture, forestry or from the exploration for or the exploitation of natural resources) situated in the other Contracting State may be taxed in that other State.

2. The term 'immovable property' shall have the meaning which it has under the law of the Contracting State in which the property in question is situated. The term shall in any case include property accessory to immovable property, livestock and equipment used in agriculture and forestry, rights to which the provisions of general law respecting landed property apply, usufruct of immovable property and rights to variable or fixed payments as consideration for the working of, or the right to work, mineral deposits, sources and other natural resources; ships and aircraft shall not be regarded as immovable property.

3. The provisions of paragraph 1 shall apply to income derived from the direct use, letting, or use in any other form of immovable property.

4. The provisions of paragraphs 1 and 3 shall also apply to the income from immovable property of an enterprise.

Article 7
Business Profits

1. Profits of an enterprise of a Contracting State shall be taxable only in that State unless the enterprise carries on business In the other Contracting State through a permanent establishment situated therein. If the enterprise carries or has carried on business as aforesaid, the profits that are attributable to the permanent establishment in accordance with the provisions of paragraph 2 may be taxed in that other State.

2. For the purposes of this Article and Article 21, the profits that are attributable in each Contracting State to the permanent establishment referred to in paragraph 1 are the profits it might be expected to make, in particular in its dealings with other parts of the enterprise. If it were a separate and independent enterprise engaged in the same or similar activities under the same or similar conditions, taking into account the functions performed, assets used and risks assumed by the enterprise through the permanent establishment and through the other parts of the enterprise.

3. Where, in accordance with paragraph 2, a Contracting State adjusts the profits that are attributable to a permanent establishment of an enterprise of one of the Contracting States and taxes accordingly profits of the enterprise that have been charged to tax in the other State, the other State shall, to the extent necessary to eliminate double taxation on these profits, make an appropriate adjustment to the amount of the tax charged on those profits. In determining such adjustment, the competent authorities of the Contracting States shall consult if necessary each other.

4. Where profits include items of income which are dealt with separately in other Articles of this Convention, then the provisions of those Articles shall not be affected by the provisions of this Article.

Article 8
Shipping and Air Transport

1. Profits of an enterprise of a Contracting State from the operation of ships or aircraft in international traffic shall be taxable only in that State.

2. For the purposes of this Article profits from the operation of ships or aircraft in international traffic include:

   1. profits from the rental on a bareboat basis of ships or aircraft;

   2. profits from the use, maintenance or rental of containers, including trailers and related equipment for the transport of containers, used for the transport of goods or merchandise;

3. The provisions of paragraph 1 shall also apply to profits derived from:

   1. The participation in a pool, a joint business or an international operating agency;

   2. Selling of tickets on behalf of another enterprise; and,

   3. Income deriving from bank deposits, bonds, shares, stocks and other debentures, where such profits are incidental to the operation of ships or aircraft in international traffic.

Article 9
Associated Enterprises

1. Where

   1. an enterprise of a Contracting State participates directly or indirectly in the management, control or capital of an enterprise of the other Contracting State, or

   2. the same persons participate directly or indirectly in the management, control or capital of an enterprise of a Contracting State and an enterprise of the other Contracting State,

      and in either case conditions are made or imposed between the two enterprises in their commercial or financial relations that differ from those that would be made between independent enterprises, then any profits that would, but for those conditions, have accrued to one of the enterprises, but, by reason of those conditions, have not so accrued, may be included in the profits of that enterprise and taxed accordingly.

2. Where a Contracting State includes in the profits of an enterprise of that State - and taxes accordingly - profits on which an enterprise of the other Contracting State has been charged to tax in that other State and the profits so included are profits that would have accrued to the enterprise of the first-mentioned State if the conditions made between the two enterprises had been those that would have been made between independent enterprises, then that other State shall make an appropriate adjustment to the amount of the tax charged therein on those profits. In determining such adjustment, due regard shall be had to the other provisions of this Convention and the competent authorities of the Contracting States shall consult if necessary each other.

3. The provisions of paragraph 2 shall not apply where judicial, administrative or other legal proceedings have resulted In a final ruling that by actions giving rise to an adjustment of profits under paragraph 1, one of the enterprises concerned Is liable to penalty with respect to fraud, gross negligence or wilful default. This paragraph shall be applied through a mutual agreement procedure as provided for in Article 24.

Article 10
Dividends

1. Dividends paid by a company which is a resident of a Contracting State to a resident of the other Contracting State may be taxed in that other State.

2. However, dividends paid by a company which is a resident of a Contracting State may also be taxed in that State according to the laws of that State, but if the beneficial owner of the dividends is a resident of the other Contracting State, the tax so charged shall not exceed:

   1. 5 per cent of the gross amount of the dividends if the beneficial owner is either one of the Contracting States, any political subdivision, local authority thereof, or its institutions as listed in the Protocol. [GTL Notes - See Protocol 4]

   2. 5 per cent of the gross amount of the dividends if the beneficial owner is a company which holds directly at least 25 per cent of the capital of the company paying the dividends throughout a 365 day period that includes the day of payment of the dividend (for the purpose of computing that period, no account shall be taken of changes of ownership that would directly result from a corporate reorganization, such as a merger or divisive reorganization, of the company that holds the shares or that pays the dividend.

   3. 15 per cent of the gross amount of the dividends in all other cases.

      The competent authorities of the Contracting States shall by mutual agreement settle the mode of application of this limitation. This paragraph shall not affect the taxation of the company in respect of the profits out of which the dividends are paid.

3. Notwithstanding the provisions of paragraph 2, dividends shall not be taxed in the Contracting State of which the company paying the dividends is a resident if:

   1. the beneficial owner of the dividends is a pension or severance fund of the other Contracting State; and

   2. such dividends are not derived from the carrying on of a business by the pension fund or severance fund or through an associated enterprise,

4. The term 'dividends' as used in this Article means income from shares, 'jouissance' shares or 'jouissance' rights, mining shares, founders' shares or other rights, not being debt-claims, participating in profits, as well as income which is subjected to the same taxation treatment as income from shares by the laws of the State of which the company making the distribution is a resident.

5. The provisions of paragraphs 1 and 2 shall not apply if the beneficial owner of the dividends, being a resident of a Contracting State, carries or has carried on business in the other Contracting State of which the company paying the dividends is a resident through a permanent establishment situated therein and the holding in respect of which the dividends are paid is effectively connected with such permanent establishment. In such case the provisions of Article 7 shall apply.

6. Where a company which is a resident of a Contracting State derives profits or income from the other Contracting State, that other State may not impose any tax on the dividends paid by the company, except Insofar as such dividends are paid to a resident of that other State or insofar as the holding in respect of which the dividends are paid is effectively concerted with a permanent establishment situated in that other State, nor subject the company's undistributed profits to a tax on the company's undistributed profits, even if the dividends paid or the undistributed profits consist wholly or partly of profits or income arising in that other State.

7. Notwithstanding the preceding provisions of this Article, where:

   1. dividends paid by a company resident of Colombia are distributed out of profits that have not been subject to tax at the level of the company according to the laws of Colombia, or

   2. profits of a resident of the United Arab Emirates attributable to a permanent establishment in Colombia that have not been subject to tax in Colombia according to the laws of Colombia, are transferred and treated as taxable dividend equivalents according to the laws of Colombia,

      such dividends or profits may be taxed in Colombia.

8. No relief shall be available under this Article if it was the main purpose or one of the main purposes of any person concerned with the creation or assignment of the shares or other rights in respect of which the dividend is paid to take advantage of this Article by means of that creation or assignment.

Article 11
Interest

1. Interest arising in a Contracting State and paid to a resident of the other Contracting State may be taxed in that other State.

2. However, interest arising in a Contracting State may also be taxed in that State according to the laws of that State, but if the beneficial owner of the interest is a resident of the other Contracting State, the tax so charged shall not exceed 10 per cent of the gross amount of the interest. The competent authorities of the Contracting States shall by mutual agreement settle the mode of application of this limitation.

3. Notwithstanding the provisions of Paragraph 2 interest arising in a Contracting State which are paid to, and beneficially owned by, the other Contracting State, any political subdivision, local authority thereof, or its institutions as listed In the Protocol, shall be taxable only in that other Contracting State. [GTL Notes - See Protocol 4]

4. The term 'interest' as used in this Article means income from debt-claims of every kind, whether or not secured by mortgage and whether or not carrying a right to participate In the debtor's profits, and in particular, income from government securities and income from bonds or debentures, including premiums and prizes attaching to such securities, bonds or debentures. Penalty charges for late payment shall not be regarded as interest for the purpose of this Article.

5. The provisions of paragraphs 1 and 2 shall not apply if the beneficial owner of the Interest, being a resident of a Contracting State, carries or has carried on business in the other Contracting State in which the interest arises through a permanent establishment situated therein and the debt-claim in respect of which the interest is paid is effectively connected with such permanent establishment, in such case the provisions of Article 7 shall apply.

6. Interest shall be deemed to arise in a Contracting State when the payer is a resident of that State. Where, however, the person paying the interest, whether that person is a resident of a Contracting State or not, has in a Contracting State a permanent establishment in connection with which the indebtedness on which the interest is paid was incurred, and such interest is borne by such permanent establishment, then such interest shall be deemed to arise in the State in which the permanent establishment is situated.

7. Where, by reason of a special relationship between the payer and the beneficial owner or between both of them and some other person, the amount of the interest, having regard to the debt-claim for which it Is paid, exceeds the amount which would have been agreed upon by the payer and the beneficial owner in the absence of such relationship, the provisions of this Article shall apply only to the last-mentioned amount. In such case, the excess part of the payments shall remain taxable according to the laws of each Contracting State, due regard being had to the other provisions of this Convention.

8. No relief shall be available under this Article if it was the main purpose or one of the main purposes of any person concerned with the creation or assignment of the debt-claim, in respect of which the interest is paid to take advantage of this Article by means of that creation or assignment.

Article 12
Royalties
[GTL Notes - See Protocol 5]

1. Royalties arising in a Contracting State and paid to a resident of the other Contracting State may be taxed in that other State.

2. However, royalties arising in a Contracting State may also be taxed in that State according to the laws of that State, but if the beneficial owner of the royalties is a resident of the other Contracting State the tax so charged shall not exceed 10 per cent of the gross amount of the royalties. The competent authorities of the Contracting States shaft by mutual agreement settle the mode of application of this limitation.

3. The term 'royalties' as used in this Article means payments of any kind received as a consideration for the use of, or the right to use, any copyright of literary, artistic or scientific work including cinematograph films, any patent, trade mark, design or model, plan, secret formula or process, any industrial, commercial or scientific equipment, or for information concerning industrial, commercial or scientific experience, as well as for the furnishing of technical assistance, technical services and consulting services.

4. The provisions of paragraphs 1 and 2 shall not apply if the beneficial owner of the royalties, being a resident of a Contracting State, carries or has carried on business in the other Contracting State in which the royalties arise through a permanent establishment situated therein and the right or property in respect of which the royalties are paid is effectively connected with such permanent establishment. In such case the provisions of Article 7 shall apply.

5. Royalties shall be deemed to arise in a Contracting State when the payer is a resident of that State, Where, however, the person paying the royalties, whether that person is a resident of a Contracting State or not, has in a Contracting State a permanent establishment in connection with which the liability to pay the royalties was incurred, and such royalties are borne by such permanent establishment, then such royalties shall be deemed to arise In the State in which the permanent establishment is situated.

6. Where, by reason of a special relationship between the payer and the beneficial owner or between both of them and some other person, the amount of the royalties, having regard to the use, right or information for which they are paid, exceeds the amount which would have been agreed upon by the payer and the beneficial owner in the absence of such relationship, the provisions of this Article shall apply only to the last-mentioned amount. In such case, the excess part of the payments shall remain taxable according to the laws of each Contracting State, due regard being had to the other provisions of this Convention.

7. No relief shall be available under this Article if it was the main purpose or one of the main purposes of any person concerned with the creation or assignment of the rights of which the royalties are paid to take advantage of this Article by means of that creation or assignment.

Article 13
Capital Gains

1. Gains derived by a resident of a Contracting State from the alienation of immovable property referred to in Article 6 and situated in the other Contracting State may be taxed in that other State.

2. Gains from the alienation of movable property forming part of the business property of a permanent establishment which an enterprise of a Contracting State has or has had In the other Contracting State, including such gains from the alienation of such a permanent establishment (alone or with the whole enterprise), may be taxed in that other State.

3. Gains that an enterprise of a Contracting State that operates ships or aircraft in international traffic derives from the alienation of such ships or aircraft, or from movable property pertaining to the operation of such ships or aircraft, shall be taxable only in that Contracting State.

4. Gains derived by a resident of a Contracting State from the alienation of shares or comparable interests, such as interests in a partnership or trust, may be taxed in the other Contracting State if, at any time during the 365 days preceding the alienation, these shares or comparable interests derived more than 50 per cent of their value directly or indirectly from immovable property, as defined in Article 6, situated in that other State, unless the relevant class of the shares is traded on a recognized stock exchange as defined in the Protocol. [GTL Notes - See Protocol 6]

5. When the provisions of Paragraph 4 are not applicable, gains derived by a resident of a Contracting State from the alienation of shares, other rights and comparable interests in a company, partnership or trust that is a resident of the other Contracting State may be taxed in that other State, but the tax so charged shall not exceed:

   1. 5 per cent if the gain is derived directly by a Contracting State, any political subdivision, local authority thereof, or its institutions as listed in the Protocol; [GTL Notes - See Protocol 4]

   2. 10 per cent of the gain if it is realized on a participation detaining directly at least 25 percent of the capital;

   3. 15 per cent of the gain in all other cases.

6. Gains from the alienation of any property, other than that referred to in paragraphs 1, 2, 3, 4 and 5, shall be taxable only in the Contracting State of which the alienator is a resident.

Article 14
Income from Employment

1. Subject to the provisions of Articles 15, 17 and 18, salaries, wages and other similar remuneration derived by a resident of a Contracting State in respect of an employment shall be taxable only in that State unless the employment is exercised in the other Contracting State. If the employment is so exercised, such remuneration as is derived therefrom may be taxed in that other State.

2. Notwithstanding the provisions of paragraph 1, remuneration derived by a resident of a Contracting State in respect of an employment exercised in the other Contracting State shall be taxable only in the first-mentioned State if:

   1. the recipient is present in the other State for a period or periods not exceeding in the aggregate 183 days in any twelve month period commencing or ending in the fiscal year concerned, and

   2. the remuneration is paid by, or on behalf of, an employer who is not a resident of the other State, and

   3. the remuneration is not borne by a permanent establishment which the employer has in the other State,

3. Notwithstanding the preceding provisions of this Article, remuneration derived by a resident of a Contracting State in respect of an employment, as a member of the regular complement of a ship or aircraft, that is exercised aboard a ship or aircraft operated in international traffic, other than aboard a ship or aircraft operated solely within the other Contracting State, shall be taxable only in the first-mentioned State.

Article 15
Directors' Fees

Directors' fees and other similar payments derived by a resident of a Contracting State in his capacity as a member of the board of directors of a company which is a resident of the other Contracting State may be taxed to that other State.

Article 16
Entertainers and Sportspersons

1. Notwithstanding the provisions of Article 14, income derived by a resident of a Contracting State as an entertainer, such as a theatre, motion picture, radio or television artiste, or a musician, or as a sports person, from that resident's personal activities as such exercised in the other Contracting State, may be taxed in that other State.

2. Where income in respect of personal activities exercised by an entertainer or a sportsperson acting as such accrues not to the entertainer or sportsperson but to another person, that income may, notwithstanding the provisions of Article 7 and Article 14, be taxed in the Contracting State in which the activities of the entertainer or sportsperson are exercised.

Article 17
Pensions
[GTL Notes - See Protocol 7]

1. Pensions and other similar remuneration beneficially owned by a resident of a Contracting State shall be taxable only in that State.

2. Notwithstanding paragraph 1 of this Article, the amount of any such pension or remuneration arising in a Contracting State that, when received, would be exempt from taxation in that Contracting State if the beneficial owner were a resident thereof shall be exempt from taxation in the Contracting State of which the beneficial owner is a resident.

Article 18
Government Service

1. Subject to the provisions of Article 17, salaries, wages and other similar remuneration paid by a Contracting State or a political subdivision or a local authority thereof to an individual in respect of services rendered to that State or subdivision or authority shall be taxable only in that State.

2. However, such salaries, wages and other similar remuneration shall be taxable only in the other Contracting State if the services are rendered in that State and the individual is a resident of that State who:

   1. is a national of that State; or

   2. did not become a resident of that State solely for the purpose of rendering the services.

3. The provisions of Articles 14, 15, 16 and 17 shall apply to salaries, wages, pensions, and other similar remuneration in respect of services rendered in connection with a business carried on by a Contracting State or a political subdivision or a local authority thereof.

Article 19
Students

1. Payments which a student or business apprentice who is or was immediately before visiting a Contracting State a resident of the other Contracting State and who is present in the first-mentioned State solely for the purpose of his education or training receives for the purpose of his maintenance, education or training shall not be taxed in that State, provided that such payments arise from sources outside that State.

2. In respect of grants and scholarships, a student or business trainee described in Paragraph 1 shall, in addition, be entitled during such education or training to the same exemptions, reliefs or reductions in respect of taxes available to residents of the Contracting State which he is visiting.

Article 20
Other Income

1. Items of income beneficially owned by a resident of a Contracting State, wherever arising, not dealt with in the foregoing Articles of this Convention shall be taxable only in that State.

2. The provisions of paragraph 1 shall not apply to income, other than income from immovable property as defined in paragraph 2 of Article 6, if the beneficial owner of such income, being a resident of a Contracting State, carries or has carried on business in the other Contracting State through a permanent establishment situated therein and the right or property in respect of which the income is paid is effectively connected with such permanent establishment. In such case the provisions of Article 7 shall apply.

3. Notwithstanding the preceding provisions of this Article, items of income beneficially owned by a resident of a Contracting State not dealt with in the foregoing Articles of this Convention and arising in the other Contracting State may also be taxed in that other State.

Article 21
Credit Method

1. Where a resident of Colombia derives income from sources in the United Arab Emirates that in accordance with the provisions of this Convention, may be taxed in the United Arab Emirates, Colombia shall allow as a deduction from the tax on the income of that resident, an amount equal to the income tax paid in the United Arab Emirates, subject to the limitations provided by and the requirements set under the tax laws of Colombia. Such deduction shall not, however, exceed that part of the income tax, as computed before the deduction is given, which is attributable to the income that may be taxed in the United Arab Emirates.

2. Where a resident of the United Arab Emirates derives income from sources in Colombia which, in accordance with the provisions of this Convention, may be taxed in Colombia, the United Arab Emirates shall allow as a deduction from the tax on the income of that resident, an amount equal to the Income tax paid in Colombia. Such deduction shall not, however, exceed that part of the income tax, as computed before the deduction is given, which is attributable to the income which may be taxed in Colombia.

3. For the purposes of applying paragraphs 1 and 2 of this Article, an item of gross income, as determined under the laws of a Contracting State, derived by a resident of that Contracting State, that under this Convention may be taxed in the other Contracting State, shall be deemed to be income from sources in that other State.

4. Where in accordance with any provision of the Convention income derived by a resident of a Contracting State Is exempt from tax in that State, such State may nevertheless, in calculating the amount of tax on the remaining income of such resident, take into account the exempted income.

Article 22
Limitation of Benefits
[GTL Notes - See Protocol 8]

1. A person that is a resident of the United Arab Emirates and derives income from Colombia shall be entitled in Colombia to all the benefits of Articles 8, 10, 11, 12 and 13 only if such person is:

   1. the United Arab Emirates;

   2. a person other than an individual of the United Arab Emirates as referred to in subparagraph (b)(iii), paragraph 1 of Article 4 of this Agreement;

   3. an individual;

   4. a company provided that such company can prove that at least 51% of the beneficial interest in it is owned, directly or indirectly, by the United Arab Emirates and/or by a government institution of the United Arab Emirates and/or an individual who is a resident of the United Arab Emirates and that company is controlled by the aforementioned residents.

2. A further prerequisite for relief from Colombian tax under paragraph 1 is that the company resident in the United Arab Emirates proves that it was not a principal purpose of the company or of the conduct of its business or of the acquisition or maintenance by it of the shareholding or other property from which the income in question is derived to obtain any of such benefits to the advantage of a person who is not a resident of the United Arab Emirates. Furthermore, the company has to prove that more than 50% of its gross income is not used, directly or indirectly, to meet liabilities (including liabilities for interest or royalties) to persons not entitled to benefits of this Agreement under sub-paragraphs a) to d).

3. Notwithstanding the provisions of paragraphs 1 and 2 the provisions of the Colombian internal law concerning tax avoidance are applicable.

4. The fulfillment of the conditions under paragraphs 1 and 2 has to be attested by a confirmation of the competent authority of the United Arab Emirates or Colombia as the case may be.

5. Irrespective of paragraph 4 the competent authorities of both Contracting States shall, to the extent provided under the provisions of Article 25, exchange such information as is necessary for carrying out the provisions of this Article and the application of their respective Internal laws concerning tax avoidance. In case of disagreement between the competent authorities of the two Contracting States, the procedure under Article 24 shall be applied.

6. Notwithstanding the other provisions of the Convention, a benefit under this Convention shall not be granted in respect of an item of income if it is reasonable to conclude, having regard to all relevant facts and circumstances, that obtaining that benefit was one of the principal purposes of any arrangement or transaction that resulted directly or indirectly in that benefit, unless it is established that granting that benefit in these circumstances would be in accordance with the object and purpose of this Convention.

Article 23
Non-Discrimination

1. Nationals of a Contracting State shall not be subjected in the other Contracting State to any taxation or any requirement connected therewith, which is other or more burdensome than the taxation and connected requirements to which nationals of that other State in the same circumstances, in particular with respect to residence, are or may be subjected.

2. Stateless persons who are residents of a Contracting State shall not be subjected in either Contracting State to any taxation or any requirement connected therewith, which is other or more burdensome than the taxation and connected requirements to which nationals of the State concerned in the same circumstances, in particular with respect to residence, are or may be subjected.

3. The taxation on a permanent establishment which an enterprise of a Contracting State has in the other Contracting State shall not be less favourably levied in that other State than the taxation levied on enterprises of that other State carrying on the same activities. This provision shall not be construed as obliging a Contracting State to grant to residents of the other Contracting State any personal allowances, reliefs and reductions for taxation purposes on account of civil status or family responsibilities which it grants to its own residents.

4. Except where the provisions of paragraph 1 of Article 9, paragraph 7 of Article 11, or paragraph 6 of Article 12, apply, interest, royalties and other disbursements paid by an enterprise of a Contracting State to a resident of the other Contracting State shall, for the purpose of determining the taxable profits of such enterprise, be deductible under the same conditions as if they had been paid to a resident of the first-mentioned State. Similarly, any debts of an enterprise of a Contracting State to a resident of the other Contracting State shall, for the purpose of determining the taxable capital of such enterprise, be deductible under the same conditions as if they had been contracted to a resident of the first-mentioned State.

5. Enterprises of a Contracting State, the capital of which is wholly or partly owned or controlled, directly or indirectly, by one or more residents of the other Contracting State, shall not be subjected in the first-mentioned State to any taxation or any requirement connected therewith which Is other or more burdensome than the taxation and connected requirements to which other similar enterprises of the first-mentioned State are or may be subjected.

6. Nothing in this Article shall be construed as preventing Colombia from imposing a tax as described in paragraph 7 of Article 10.

7. The provisions of this Article shall, notwithstanding the provisions of Article 2, apply to taxes of every kind and description.

8. If any bilateral treaty or existing agreement between the Contracting States, other than this Convention, includes a non- discrimination clause or a most-favoured-nation clause, it is understood that such clauses shall not apply with respect to the taxes covered by Article 2 of this Convention.

Article 24
Mutual Agreement Procedure

1. Where a person considers that the actions of one or both of the Contracting States result or will result for that person in taxation not in accordance with the provisions of this Convention, that person may, irrespective of the remedies provided try the domestic law of those States, present its case to the competent authority of either Contracting State. The case must be presented within three years from the first notification of the action resulting in taxation not in accordance with the provisions of the Convention.

2. The competent authority shall endeavour, if the objection appears to it to be justified and if it is not Itself able to arrive at a satisfactory solution, to resolve the case by mutual agreement with the competent authority of the other Contracting State, with a view to the avoidance of taxation which is not in accordance with the Convention. Any agreement reached shall be implemented notwithstanding any time limits in the domestic law of the Contracting States.

3. The competent authorities of the Contracting States shall endeavour to resolve by mutual agreement any difficulties or doubts arising as to the interpretation or application of the Convention.

4. The competent authorities of the Contracting States may communicate with each other directly, including through a joint commission consisting of themselves or their representatives, for the purpose of reaching an agreement in the sense of the preceding paragraphs.

Article 25
Exchange of Information

1. The competent authorities of the Contracting States shall exchange such information as is foreseeably relevant for carrying out the provisions of this Convention or to the administration or enforcement of the domestic laws concerning taxes of every kind and description imposed on behalf of the Contracting States, or of their political subdivisions or local authorities, insofar as the taxation thereunder is not contrary to the Convention. The exchange of information is not restricted by Articles 1 and 2.

2. Any information received under paragraph 1 by a Contracting State shall be treated as secret in the same manner as information obtained under the domestic laws of that State and shall be disclosed only to persons or authorities (including courts and administrative bodies) concerned with the assessment or collection of, the enforcement or prosecution in respect of, the determination of appeals in relation to the taxes referred to in paragraph 1, or the oversight of the above. Such persons or authorities shall use the Information only for such purposes. They may disclose the information in public court proceedings or in judicial decisions. Notwithstanding the foregoing, information received by a Contracting State may be used for other purposes when such information may be used for such other purposes under the laws of both States and the competent authority of the supplying State authorises such use. [GTL Notes - See Protocol 9]

3. In no case shall the provisions of paragraphs 1 and 2 be construed so as to impose on a Contracting State the obligation:

   1. to carry out administrative measures at variance with the laws and administrative practice of that or of the other Contracting State;

   2. to supply information which is not obtainable under the laws or in the normal course of the administration of that or of the other Contracting State;

   3. to supply information which would disclose any trade, business, industrial, commercial or professional secret or trade process, or information the disclosure of which would be contrary to public policy (ordre public).

4. If information is requested by a Contracting State in accordance with this Article, the other Contracting State shall use its information gathering measures to obtain the requested Information, even though that other State may not need such information for its own tax purposes. The obligation contained in the preceding sentence is subject to the limitations of paragraph 3 but in no case shall such limitations be construed to permit a Contracting State to decline to supply information solely because it has no domestic interest in such information.

5. In no case shall the provisions of paragraph 3 be construed to permit a Contracting State to decline to supply information solely because the information is held by a bank, other financial institution, nominee or person acting in an agency or a fiduciary capacity or because it relates to ownership interests in a person.

Article 26
Members of Diplomatic Missions and Consular Posts

Nothing in this Convention shall affect the fiscal privileges of members of diplomatic missions or consular posts under the general rules of international law or under the provisions of special agreements.

Article 27
Entry Into Force

1. Each of the Contracting States shall notify the other in writing, through diplomatic channels, of the completion of the internal procedures required by its laws for the bringing into force of this Convention.

2. This Convention shall enter into force on the date in which the latter of the notifications has been received, and its provisions shall thereupon have effect in both Contracting States:

   1. in respect of taxes withheld at source on amounts paid or credited to non-residents, on or after the first day of January of the calendar year following that in which this Convention enters into force, and

   2. in respect of all other taxes, for fiscal years beginning on or after the first day of January of the calendar year following that In which this Convention enters into force, but only in respect of the part of the income or capital that accrues after the entry into force of this Convention.

Article 28
Termination

1. This Convention shall remain in force until terminated by a Contracting State. Either Contracting State may terminate the Convention, through diplomatic channels, by giving written notice of termination at least six months before the end of any calendar year following a period of five years from the date of entry Into force of this Convention.

2. In such event, the Convention shall cease to have effect in both Contracting States:

   1. in respect of taxes withheld at source on amounts paid or credited to nonresidents, after the end of the calendar year in which the notice is given, and

   2. in respect of all other taxes, for fiscal years beginning after the end of that year.

3. In the event of termination, the Contracting Party shall remain bound by the provisions of Article 25 with respect to any information obtained under this Convention.

   IN WITNESS WHEREOF, the undersigned, duly authorised thereto, have signed this Convention.

   DONE at Dubai, this Sunday day of 12/11 of the year 2017 in duplicate, in the Spanish, Arabic, and English languages, all texts being equally authentic, in case there is any divergence of interpretation between the Arabic and the Spanish texts, the English text shall prevail.

Protocol

ON SIGNING the Convention between the Government of the United Arab Emirates and the Government of the Republic of Colombia with respect to taxes on income, the Government of the Republic of Colombia and the Government of the United Arab Emirates have agreed as follows:

1. Ad Article 1

   It is understood that paragraph 2 will apply except with respect to the benefits granted under paragraph 3 of Article 7, paragraph 2 of Article 9 and Articles 18, 19, 21, 23, 24 and 26.

2. Ad Article 3

   In relation to subparagraph l) of paragraph 1 of Article 3:

   It is understood that the term 'pension scheme or fund' includes:

   1. In the case of Colombia, the pension funds regulated by Law 100 of 1993 and the provisions that modify or substitute it, administered or managed by Sociedades Administrodoras de Fondos de Pensions y Cesantia who are subject to the surveillance of the Superintendencia Financiera de Colombia and subject to the rules provided for in Part 2 of Decree 2555 of 2010 (mandatory pension funds) and those pension funds regulated in Chapter VI of Part V of the Estatuto Organico del Sistema Financiero administered by entities subject to the surveillance of the Superintendencia Financiera de Colombia (voluntary pension funds);

   2. In the case of the United Arab Emirates:

      1. The Abu Dhabi Retirement Pensions and benefits Fund;

      2. The General Pension and Social Security Authority;

   The Competent Authorities may agree to include in the above, pension schemes of identical or substantially similar economic or legal nature which are introduced by way of statute or legislation in either State after the date of signature of the Convention.

3. Ad Article 4

   For the purposes of this Convention the term 'State' referred to in Subparagraph (a)(ii) Paragraph (1), includes:

   1. The National Fund of Coffee ('Fondo National del Café') created by Decree 2078 of 1940, and the laws or decrees that modify it or substitute it, which is administered by the National Federation of Coffee Growers ('Federación Nacional de Cafeteros') pursuant to the contract entered into by the Colombian Government and the National Federation of Coffee Growers.

   2. The Oil Savings and Stabilisation Fund ('Fondo de Ahorro y Estabilización Petrolera') created by Article 1 of Law 209 of 1995 and the laws that modify it or substitute it, which is administered by the Colombian Central Bank ('Banco de la Republica') according to Article 3 of Law 209 of 1995.

   For the purposes of this Convention Subparagraph (b)(iii) Paragraph (1), includes: this includes:

   1. Abu Dhabi Investment Authority;

   2. Abu Dhabi Investment Council;

   3. Mubadala Investment Company;

   4. Mubadala Development Company;

   5. Dubai World;

   6. Investment Corporation of Dubai;

   7. Emirates Investment Authority;

   8. International Petroleum Investment Company (IPIC); and

   9. Aldahra Holding,

   and any other entity performing functions of a governmental nature, which is wholly owned or controlled directly or indirectly by a Contracting State, or any political subdivision or local government, or local authority thereof.

   The Competent Authorities shall notify each other if an entity of those listed above no longer meets the abovementioned criteria, as well as If new entities have to be added to the list because they fulfill such criteria.

4. Ad Article 10, 11 and 13

   For the purposes of Subparagraph (a) of Paragraph (2) of Article 10, Paragraph 3 of Article 11 and Subparagraph (a) of Paragraph (5) of Article 13 the term 'Contracting States' or 'Contracting State' as the case may be, includes:

   1. In the case of Colombia:

      1. The National Fund of Coffee ('Fondo National del Café') created by Decree 2078 of 1940, and the laws or decrees that modify it or substitute it, which is administered by the National Federation of Coffee Growers ('Federación Nacional de Cafeteros') pursuant to the contract entered into by the Colombian Government and the National Federation of Coffee Growers.

      2. The Oil Savings and Stabilisation Fund ('Fondo de Ahorro y Estabilización Petrolera') created by Article 1 of Law 209 of 1995 and the laws that modify it or substitute it, which is administered by the Colombian Central Bank ('Banco de la Republica') according to Article 3 of Law 209 of 1995.

   2. In the case of United Arab Emirates:

      1. Abu Dhabi Investment Authority;

      2. Abu Dhabi Investment Council;

      3. Mubadala Investment Company;

      4. Mubadala Development Company;

      5. Dubai World;

      6. Investment Corporate on of Dubai;

      7. Emirates Investment Authority;

      8. International Petroleum Investment Company (IPIC); and

      9. Aldahra Holding,

         and any other entity performing functions of a governmental nature, which is wholly owned or controlled directly or indirectly by a Contracting State, or any political subdivision or local government, or local authority thereof.

         The Competent Authorities shall notify each other if an entity of those listed above no longer meets the abovementioned criteria, as well as if new entities have to be added to the list because they fulfill such criteria.

5. Ad Article 12

   Income derived from the use of a structure, installations, drilling rig, ship or other like substantial equipment for the exploration or exploitation of natural resources, or in activities connected with that exploration or exploitation, shall be deemed to constitute royalties for the purposes of the Convention.

6. Ad Article 13

   With respect to paragraph 4 the term 'recognized stock exchange' means:

   1. The Colombian Stock Exchange ('Bolsa de Valores de Colombia');

   2. The Dubai Financial Market;

   3. The Abu Dhabi Securities Exchange; and

   4. Any other stock exchange which the competent authorities of the Contracting States agree to recognize for the purposes of that Article.

7. Ad Article 17

   For greater clarity, in the case of Colombia, the term 'pensions' as used in Article 17 includes any payment that according to the tax laws of Colombia is subject to the same taxation treatment as pensions covered by the Colombian Social Security System.

8. Ad Article 22

   Dividends derived from bearer shares shall not be entitled to a benefit accorded by the Convention.

   For greater clarity, nothing in this Convention shall preclude a Contracting State from applying its domestic laws concerning tax avoidance, deferral and abuse.

9. Ad Article 25

   It is understood that with reference to the final sentence of paragraph 2:

   -- In seeking the authorization of the competent authority of the supplying State, the requesting State shall specify the other non tax purposes for which it wishes to use the information;

   -- The requesting State shall Identify the legal agencies or judicial authorities with whom it will share the information; and

10. Income from Hydrocarbons

Notwithstanding any other provision of this convention nothing shall affect the right of either one of the Contracting States, or of any of their local Governments or local authorities thereof to apply their domestic laws and regulations related to the taxation of income and profits derived from hydrocarbons and its associated activities situated in the territory of the respective Contracting State, as the case may be.

IN WITNESS WHEREOF, the undersigned, duly authorised thereto, have signed this Protocol.

DONE at Dubai, this Sunday day of 12/11 of the year 2017, in duplicate, in the Spanish, Arabic, and English languages, ail texts being equally authentic. In case there is any divergence of interpretation between the Arabic and the Spanish texts, the English text shall prevail.