Income from immovable property: taxable in the State where the property is situated under treaty rules.

Income from immovable property may be taxed in the Contracting State where the property is situated; the term immovable property is defined by the law of that State and includes accessories, agricultural livestock and equipment, landed property rights, usufruct, and rights to payments for working natural resources while excluding ships, boats and aircraft. The provision applies to income from direct use, letting or other use, and also to income of an enterprise from immovable property and to immovable property used to perform independent personal services.

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