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of <h1>Mutual Tax Exemption for International Aircraft Operations and Related Income under Reciprocity Agreement, Including Interest and Joint Ventures.</h1> Income derived by an enterprise of one Contracting State from operating aircraft in international traffic is exempt from tax in the other Contracting State, based on reciprocity. This exemption also applies to participations in pools, joint ventures, or similar air transport arrangements. Interest on funds directly related to aircraft operations is considered income from such operations. The term 'tax' refers to income taxes and other levies on income imposed by each Contracting State or its subdivisions, regardless of their imposition method.
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