Income from Real Property. 1. Income from real property may be taxed in the Contracting State in which the real property is situated. 2. In this Article, the term "real property", in relation to one of the Contracting States, has the meaning which it has under the laws of that State and includes: (a) a lease of land and any other interest in or over land, whether improved or not, including a right to explore for mineral, oil or gas deposits or other natural resources, and a right to mine those deposits or resources; and (b) a right to receive variable or fixed payments either as consideration for or in respect of the exploitation of, or the right to explore for or exploit, mineral, oil or gas deposits, quarries or other places of extraction or exploitation of natural resources; ships, boats and aircraft shall not be regarded as real property. 3. Any interest or right referred to in paragraph 2 shall be regarded as situated where the land, mineral, oil or gas deposits, quarries or natural resources, as the case may be, are situated or where the exploration may take place. 4. The provisions of paragraph 1 shall also apply to income from real property of an enterprise and to income from real property used for the performance of independent personal services. 5. The provisions of paragraphs 1 and 3 also apply to income from real property of an enterprise and to income from real property used for the performance of independent personal services.
Appears in 2 contracts
Samples: Double Taxation Agreement, Double Taxation Avoidance Agreement
Income from Real Property. 1. Income derived by a resident of a Contracting State from real property may be taxed in the Contracting State in which the real property is situated.
2. In this Article, the The term "βreal property", in relation to one of the Contracting States, has β shall have the meaning which it has under the laws law of that the Contracting State and includesin which the property is situated. The term shall in any case include:
(a) a lease of land and or any other interest in or over land, whether improved or not, including ;
(b) property accessory to real property;
(c) livestock and equipment used in agriculture and forestry;
(d) usufruct of real property;
(e) a right to explore for mineral, oil or gas deposits or other natural resources, and a right to mine those deposits or resources; and
(bf) a right to receive variable or fixed payments either as consideration for or in respect of the exploitation of, or the right to explore for or exploit, mineral, oil or gas deposits, quarries or other places of extraction or exploitation of natural resources; ships, boats . Ships and aircraft shall not be regarded as real property.
3. Any interest or right referred to in paragraph 2 shall be regarded as situated where the land, mineral, oil or gas deposits, quarries or natural resources, as the case may be, are situated or where the exploration may take place.
4. The provisions of paragraph 1 of this Article shall also apply to income derived from the direct use, letting, or use in any other form of real property of an enterprise and to income from real property used for the performance of independent personal servicesproperty.
5. The provisions of paragraphs 1 1, 3 and 3 4 of this Article shall also apply to the income from real property of an enterprise and to income from real property used for the performance of independent personal servicesenterprise.
Appears in 2 contracts
Samples: Convention for the Avoidance of Double Taxation, Convention for the Avoidance of Double Taxation
