Note: This Treaty may be impacted by the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent BEPS (MLI). MLI impact on Tax Treaties is available with the Orbitax International Tax Research & Compliance Expert.
ARTICLE 25
Limitation of Benefits
(1) Unless the contrary is provided by this Agreement, a person (other than an individual) who is a resident of a Contracting State and obtains income from the other Contracting State shall be entitled to all benefits applicable for residents of a Contracting State under this Agreement, only if that person meets the requirements of paragraph 2 as well as the other conditions of this Agreement to obtain any of these benefits.
(2) A resident of a Contracting State shall be a person who meets the requirements for a fiscal year only if such person is:
- (a) a Governmental entity; or
- (b) a company constituted in any of the Contracting States, with at least 50 percent of the voting power or value of shares owned directly or indirectly by one or more individuals resident in either Contracting State and/or by other persons that were constituted in any Contracting State and at least 50 percent of their voting power or value of shares, or profit-sharing is owned directly or indirectly by one or more individuals resident of either Contracting State; or
- (c) a partnership or association of persons, where at least 50% or more of the profit-sharing is owned by one or more individuals resident in either Contracting State and/or by other persons that were constituted in either Contracting States and at least 50 percent of their voting power or value of shares, or profit-sharing is owned directly or indirectly by one or more individuals resident of either Contracting State; or
- (d) a charitable institution or other entity that is exempt for tax purposes, whose principal activities are carried out in any of the Contracting States.