Income from immovable property may be taxed in the State where the property is situated, including usufruct and resource rights.

Income from immovable property of a resident 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, usufruct and payments for working mineral and natural resource rights, while excluding ships, boats and aircraft; this applies to income from direct use, letting or other use and to enterprise property income and property used for independent personal services.

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