Taxation of immovable property income: income from property may be taxed in the state where the property is situated.

Income derived by a resident of one Contracting State from immovable property situated in the other Contracting State may be taxed in the State where the property is located; immovable property is defined by local law and includes accessories, agricultural livestock and equipment, landed property rights, usufruct and payments for working natural resources, while ships, boats and aircraft are excluded. The source state taxing right covers income from direct use, letting or other forms of use and applies to enterprises and to property used for independent personal services.

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