A limited partnership is not itself a subject for assessment to any tax in the Federation and the partners of a limited partnership are exempt from all income, capital gains and withholding taxes which may arise out of their interest in the limited partnership if the general partners of the limited partnership are in respect of it effecting transactions exclusively with persons who are not resident in the Federation.

A limited partnership is called an exempt limited partnership if its partners qualify for the tax exemption mentioned above. An ordinary limited partnership is a limited partnership which is not an exempt limited partnership.

No estate, inheritance, succession or gift tax, rate, duty, levy or other charge is payable by any person with regard to any property owned by, or securities issued or created in respect of, an exempt limited partnership.

No stamp duties are payable by any person with regard to any transaction in securities issued or created in respect of an exempt limited partnership.