ARTICLE V
Shipping and Air Transport
(1) Profits which a resident of the Kingdom of Greece derives from operating ships in international traffic whose port of registry is in the Kingdom of Greece shall be taxable only in that State.
(2) Profits from the operation of ships in international traffic accruing to a resident of the Federal Republic of Germany from an enterprise which is managed and controlled in the Federal Republic of Germany shall be taxable only in that State.
(3) Profits from the operation of aircraft in international traffic shall be taxable only in the Contracting State in which the place of effective management of the enterprise is situated.
(4) Paragraph (3) shall likewise apply in respect of participations in pools of any kind by enterprises engaged in air transport.
(5) Paragraphs (1), (2) and (3) shall likewise apply in respect of the Gewerbesteuer (trade tax) computed on a basis other than industrial and commercial profits.