Taxation of immovable property: the situs State may tax income from use, letting, or exploitation of such property.

Income from immovable property situated in a Contracting State may be taxed in that State when derived by a resident of the other Contracting State; this covers income from direct use, letting or other exploitation, and extends to enterprise income and income used for independent personal services. "Immovable property" is defined by the law of the State where the property is located and includes accessories, agricultural livestock and equipment, landed-property rights, usufruct, and rights to payments for working mineral deposits and other natural resources, while excluding ships, boats and aircraft.

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