Income from immovable property may be taxed in the State where the property is situated under the treaty allocation rules.

Income from immovable property situated in one Contracting State and derived by a resident of the other may be taxed in the State where the property is located; this covers direct use, letting or other uses and extends to enterprise income and property used for independent personal services, with immovable property defined by the law of the State where the property is situated and including accessories, agricultural assets, usufruct and rights to payments for working mineral deposits, while excluding ships, boats and aircraft.

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