Income from immovable property: source State may tax property-situated income and related exploitation proceeds.

Income derived by a resident of one Contracting State from immovable property situated in the other State may be taxed in that other State. The term immovable property is defined by the law of the State where the property is located and includes accessories, agricultural and forestry assets, usufruct and rights to payments for working natural resources, while excluding ships, land vehicles and aircraft. The taxing right covers direct use, letting, other forms of exploitation, enterprise income from immovable property and immovable property used for independent personal services.

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