Income from immovable property: may be taxed in the state where the property is situated, including agricultural and mineral rights.

Income derived by a resident from immovable property situated in the other Contracting State may be taxed in that other State; "immovable property" is defined by the law of the State where the property is located and includes accessories, livestock and equipment used in agriculture and forestry, rights governed by general landed property law, usufruct, and rights to payments for working or the right to work mineral deposits, while ships, boats and aircraft are excluded. The rule covers income from direct use, letting or other use and applies to enterprise property and property used for independent personal services.

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