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The Resettlement Fund and its assets, income and other property shall be exempt from all direct taxes.
The Resettlement Fund shall be exempt from all taxes in the territory of Members of the Fund in respect of transactions and operations relating to loans contracted by the Fund with a view to applying their proceeds, in accordance with its purpose, to the needs of refugees and surplus population or relating to loans granted or guaranteed by the Fund in accordance with its statutory provisions.
The Fund shall not be granted exemption from any rates, taxes or dues which are merely charges for public utility services.
Member Governments shall, whenever possible, make appropriate arrangements for:
(a) exemption from taxes on income derived from interest on bonds issued or loans contracted by the Fund;
(b) the remission or return of excise duties and taxes which form part of the price to be paid for movable or immovable property or of the payment for services rendered, when the Fund, for official purposes, is making substantial purchases of procuring services the total cost of which includes such excise duties and taxes.
No tax of any kind shall be levied on any security or bond issued or guaranteed by the Fund (or any dividend or interest thereon) by whomsoever held:
(a) which discriminates against such security or bond solely because it is issued or guaranteed by the Fund; or
(b) if the sole legal basis for such tax is the place or currency in which the security or bond is issued, guaranteed, made payable or paid, or the location of the headquarters or of any office or place of business maintained by the Fund.