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438
ΕΠΙΣΗΜΗ ΕΦΗΜΕΡΙΔΑ ΤΗΣ 4ης ΑΠΡΙΛΙΟΥ
1984
person, the provisions of this Article shal1 apply only to
80
much of the royal ty
βΒ
would have been pai.d to
ΒΩ
unrelated person.
Ιη
such a case the
θΧCθΒΒ
payment may be
taxed
by
each Contracting State according to lts
οννη
law,
including the
ρτονίΒίοηΒ ο!
this Convention where applicable.
Article
12
INCOME
ΡΗΟΜ
REAL PROFERTY
(1) Income from real property, including royalties and
ot~er
payments in respect
ο!
the exploitation
ο!
natural
resources and gains derived frOln the sale, exchange,
οτ
other disposi tion of such property or
ο!
t ,he right giving
rise to such royalties
οτ
other payments, may be taxed by
the Contrscting State
ίη
which such real property or natural
resources are situated. For purposes of this Convention,
interest
ση
indebtedness secured by real property or eecured
by a riBht giving rise to royalties
οτ όther
payments
ίη
respect of the exploitation
ο!
natura1 resources shall not
' be regarded as income from real property.
(2) Faragraph (1) ehall apply to income derived from
the usufruct, direct use, letting, or use in any other form
ο!
real property.
(3)
Α
resident
ο!
a Contracting State who is subject
to tax
ίη
the other Contracting State
οη
income from real
property, including royalties and other payments
ίη
respect
ο!
the exp1oitation
ο!
natural resources and gains derived
from the sa1e, exchange or other disposition of such
property or
ο!
the right giving rise to such royalties,
may
elect for any taxable year to compute that tax
οη
such
income
οη
a net basie
Β8 ί!
such resident were engaged
ίη
trade or business in the other Contracting State.
An3
such election shall be binding for the taxable ,ear
ο!
the
e1ection and
β11
subsequent taxab1e years unless the
competent authorities
ο!
the two Contracting States, pursuant
to a request by the taxpayer made to the competent authority
of the
Contractiηg
State in which the taxpayer is a resident,
agree to terminate the e1ection.