e) a person other than an individual, if, on at least half the days of a twelve-month period that includes the time when the benefit would otherwise be accorded, persons who are residents of

that Contracting Jurisdiction and that are entitled to benefits of the Covered Tax Agreement

under subparagraphs a) to d) own, directly or indirectly, at least 50 per cent of the shares of the

person.

10. a) A resident of a Contracting Jurisdiction to a Covered Tax Agreement will be entitled to benefits of the Covered Tax Agreement with respect to an item of income derived from the other

Contracting Jurisdiction, regardless of whether the resident is a qualified person, if the resident

is engaged in the active conduct of a business in the first-mentioned Contracting Jurisdiction,

and the income derived from the other Contracting Jurisdiction emanates from, or is incidental

to, that business. For purposes of the Simplified Limitation on Benefits Provision, the term

“active conduct of a business” shall not include the following activities or any combination thereof:

i) operating as a holding company;

ii) providing overall supervision or administration of a group of companies;

iii) providing group financing (including cash pooling); or

iv) making or managing investments, unless these activities are carried on by a bank, insurance company or registered securities dealer in the ordinary course of its business

as such.

b) If a resident of a Contracting Jurisdiction to a Covered Tax Agreement derives an item of income from a business activity conducted by that resident in the other Contracting Jurisdiction, or

derives an item of income arising in the other Contracting Jurisdiction from a connected person,

the conditions described in subparagraph a) shall be considered to be satisfied with respect to

such item only if the business activity carried on by the resident in the first-mentioned

Contracting Jurisdiction to which the item is related is substantial in relation to the same activity

or a complementary business activity carried on by the resident or such connected person in the

other Contracting Jurisdiction. Whether a business activity is substantial for the purposes of this

subparagraph shall be determined based on all the facts and circumstances.

c) For purposes of applying this paragraph, activities conducted by connected persons with respect to a resident of a Contracting Jurisdiction to a Covered Tax Agreement shall be deemed to be

conducted by such resident.

11. A resident of a Contracting Jurisdiction to a Covered Tax Agreement that is not a qualified person shall also be entitled to a benefit that would otherwise be accorded by the Covered Tax Agreement with

respect to an item of income if, on at least half of the days of any twelve-month period that includes the time

when the benefit would otherwise be accorded, persons that are equivalent beneficiaries own, directly or

indirectly, at least 75 per cent of the beneficial interests of the resident.

12. If a resident of a Contracting Jurisdiction to a Covered Tax Agreement is neither a qualified person pursuant to the provisions of paragraph 9, nor entitled to benefits under paragraph 10 or 11, the competent

authority of the other Contracting Jurisdiction may, nevertheless, grant the benefits of the Covered Tax

Agreement, or benefits with respect to a specific item of income, taking into account the object and purpose

of the Covered Tax Agreement, but only if such resident demonstrates to the satisfaction of such competent

authority that neither its establishment, acquisition or maintenance, nor the conduct of its

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