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of <h1>Tax Profits from International Shipping Operations Based on Location of Effective Management; 50% Tax Reduction for Certain Operations.</h1> Profits from international shipping operations are taxable only in the Contracting State where the enterprise's effective management is located. If management is aboard a ship, it is deemed to be in the State where the ship's home harbor is, or where the operator resides if no home harbor exists. These rules also apply to profits from pools, joint businesses, or international agencies. However, income from operations between ports of the Contracting States and third countries may be taxed in the other Contracting State, with a 50% reduction in tax.
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