Taxation of immovable property may be exercised by the state where the property is located, covering agricultural and forestry income.

Income from immovable property may be taxed by the Contracting State where the property is situated, covering income from direct use, letting, or other exploitation and including agriculture and forestry; the term is defined by the law and usage of the State where the property lies and includes accessories, livestock and equipment used in agriculture and forestry, landed-property rights, usufruct, and rights to payments for working mineral deposits and other natural resources, while excluding ships and aircraft. The rule also applies to enterprise income and income from immovable property used for independent personal services.

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