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of <h1>International Aircraft Operation Profits Taxed Only Where Management Is Based; Includes Bareboat Rentals and Related Interest.</h1> Profits from the operation of aircraft in international traffic are taxable only in the country where the enterprise's effective management is located. This includes profits from the bareboat rental of aircraft if such rentals are incidental to the main profits. Interest on funds related to aircraft operations is also considered part of these profits, and Article 11 does not apply to such interest. The same tax treatment applies to profits from participation in pools, joint businesses, or international operating agencies.
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