Treaty Series Recueil des Traites - United Nations Treaty Collection ...
Treaty Series Recueil des Traites - United Nations Treaty Collection ... Treaty Series Recueil des Traites - United Nations Treaty Collection ...
Volume 2223, 1-39522 Chapter III. - Taxation of Income Article 6. Income from immovable property 1. Income derived by a resident of a Contracting State from immovable property (including income from agriculture or forestry) 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, rights to variable or fixed payments as consideration for the working of, or the right to work, mineral deposits, sources and other natural resources and any option or similar right to acquire immovable property. Ships, boats 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. Where the ownership of shares or other corporate rights in a company entitles the owner of such shares or corporate rights to the enjoyment of immovable property held by the company, the income from direct use, letting, or use in any other form of such right to enjoyment may be taxed in the Contracting State in which the immovable property is situated. 5. The provisions of paragraphs 1, 3 and 4 shall also apply to the income from immovable property of an enterprise and to income from immovable property used for the performance of independent personal services. Article 7. Business profits 1. The 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 on business as aforesaid, the profits of the enterprise may be taxed in the other State but only so much of them as is attributable to that permanent establishment. 2. Subject to the provisions of paragraph 3, where an enterprise of a Contracting State carries on business in the other Contracting State through a permanent establishment situated therein, there shall in each Contracting State be attributed to that permanent establishment the profits which it might be expected to make if it were a distinct and separate enterprise engaged in the same or similar activities under the same or similar conditions and dealing wholly independently. 3. In determining the profits of a permanent establishment, there shall be allowed as deductions expenses which are incurred for the purposes of the permanent establishment, including executive and general administrative expenses so incurred, whether in the State in which the permanent establishment is situated or elsewhere, but this does not include
Volume 2223, 1-39522 any expenses which under the law of that State would not be allowed to be deducted by an enterprise of that State. 4. Insofar as it has been customary in a Contracting State to determine the profits to be attributed to a permanent establishment on the basis of an apportionment of the total profits of the enterprise to its various parts, nothing in paragraph 2 shall preclude that Contracting State from determining the profits to be taxed by such an apportionment as may be customary; the method of apportionment adopted shall, however, be such that the result shall be in accordance with the principles contained in this Article. 5. No profits shall be attributed to a permanent establishment by reason of the mere purchase by that permanent establishment of goods or merchandise for the enterprise. 6. For the purposes of the preceding paragraphs, the profits to be attributed to the permanent establishment shall be determined by the same method year by year unless there is good and sufficient reason to the contrary. 7. 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. The provisions of paragraph 1 shall also apply to profits from the participation in a pool, a joint business or an international operating agency. 1. Where Article 9. Associated enterprises a) 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 b) 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 which differ from those which would be made between independent enterprises, then any profits which 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 which would have accrued to the enterprise of the first-mentioned State if the conditions made between the two enterprises had been those which 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
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Volume 2223, 1-39522<br />
any expenses which under the law of that State would not be allowed to be deducted by<br />
an enterprise of that State.<br />
4. Insofar as it has been customary in a Contracting State to determine the profits to<br />
be attributed to a permanent establishment on the basis of an apportionment of the total<br />
profits of the enterprise to its various parts, nothing in paragraph 2 shall preclude that Contracting<br />
State from determining the profits to be taxed by such an apportionment as may<br />
be customary; the method of apportionment adopted shall, however, be such that the result<br />
shall be in accordance with the principles contained in this Article.<br />
5. No profits shall be attributed to a permanent establishment by reason of the mere<br />
purchase by that permanent establishment of goods or merchandise for the enterprise.<br />
6. For the purposes of the preceding paragraphs, the profits to be attributed to the<br />
permanent establishment shall be determined by the same method year by year unless there<br />
is good and sufficient reason to the contrary.<br />
7. Where profits include items of income which are dealt with separately in other Articles<br />
of this Convention, then the provisions of those Articles shall not be affected by the<br />
provisions of this Article.<br />
Article 8. Shipping and air transport<br />
1. Profits of an enterprise of a Contracting State from the operation of ships or aircraft<br />
in international traffic shall be taxable only in that State.<br />
2. The provisions of paragraph 1 shall also apply to profits from the participation in<br />
a pool, a joint business or an international operating agency.<br />
1. Where<br />
Article 9. Associated enterprises<br />
a) an enterprise of a Contracting State participates directly or indirectly in the management,<br />
control or capital of an enterprise of the other Contracting State, or<br />
b) the same persons participate directly or indirectly in the management, control or<br />
capital of an enterprise of a Contracting State and an enterprise of the other Contracting<br />
State, and in either case conditions are made or imposed between the two enterprises in<br />
their commercial or financial relations which differ from those which would be made between<br />
independent enterprises, then any profits which would, but for those conditions,<br />
have accrued to one of the enterprises, but, by reason of those conditions, have not so accrued,<br />
may be included in the profits of that enterprise and taxed accordingly.<br />
2. Where a Contracting State inclu<strong>des</strong> in the profits of an enterprise of that State -<br />
and taxes accordingly - profits on which an enterprise of the other Contracting State has<br />
been charged to tax in that other State and the profits so included are profits which would<br />
have accrued to the enterprise of the first-mentioned State if the conditions made between<br />
the two enterprises had been those which would have been made between independent enterprises,<br />
then that other State shall make an appropriate adjustment to the amount of the<br />
tax charged therein on those profits. In determining such adjustment, due regard shall be