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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 16

Directors' Fees

Directors' fees and other similar payments derived by a person with permanent residency in a Contracting State in his capacity as a member of the board of directors or similar body of a company, which is a person with permanent residency in the other Contracting State, may be taxed in that other State.