Immovable property income may be taxed in the State where the property is situated, defining included rights and exclusions.

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 the law of the situs State and includes accessories, livestock and equipment used in agriculture and forestry, rights subject to landed property law, usufruct, and rights to payments for working mineral deposits and other natural resources; ships, boats and aircraft are excluded. The rule covers income from direct use, letting or other use and applies to enterprises and to property used for independent personal services.

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