Associated enterprises: arm's length adjustments allow inclusion of profits and require corresponding tax adjustments by the other State.

Where enterprises across the two Contracting States are connected by participation in management, control or capital and impose conditions differing from independent enterprises, profits that would have accrued but for those conditions may be included in the profits of the affected enterprise and taxed. If one State taxes such deemed profits that were also taxed in the other State, the other State shall make an appropriate adjustment, with due regard to the Agreement and consultation between competent authorities.

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