ARTICLE 9

Associated Enterprises

(1) Where:

• (a) an enterprise of a Contracting State participates directly or indirectly in the management, control or capital of an enterprise of the other Contracting State, or where;
• (b) the same persons participate directly or indirectly in the management, control or capital of an enterprise of a Contracting State and an enterprise of the other Contracting State;

and, in either case, conditions are made or imposed between the two enterprises in their commercial or financial relations which differ from those which would be made between independent enterprises, then any profits which would, but for those conditions, have accrued to one of the enterprises, but, by reason of those conditions, have not so accrued, may be included in the profits of that enterprise and taxed accordingly.

(2) Where profits on which an enterprise of a Contracting State has been taxed in that State are also included in the profits of an enterprise of the other Contracting State and taxed accordingly, and the profits so included are profits which would have accrued to that enterprise of the other State if the conditions made between the two enterprises had been those which would have been made between independent enterprises, the competent authorities of the Contracting States may consult in order to reach an agreement on adjustments to profits in the two Contracting States.

(3) A Contracting State shall not change/rectify the profits of an enterprise in the circumstances referred to in paragraph (1) of this Article after the expiry of the time provided in its domestic law and, in no event after the expiry of five years from the end of the year during which the profits which would be subject to such change/rectification would have accrued to an enterprise of that State. This paragraph shall not apply in cases of fraud or willful default.