The Government of Rwanda and the following entities are exempted from corporate income tax:

1° the City of Kigali, Districts, Towns and

Municipalities;

2° the National Bank of Rwanda;

3° entities that carry on only activities of a religious, humanitarian, charitable, scientific or educational character, unless the revenue received during a tax period exceeds the corresponding expenses to the extent that those entities conduct a business;

4° international organizations, agencies of technical cooperation and their representatives, if such exemption is provided for by international agreements;

5° qualified pension funds;

6° the Rwanda Social Security Fund;

7° the Rwanda Development Bank;