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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 18

Pensions and Annuities

(1) Pensions and other similar remuneration paid to a resident of a territory in consideration of past employment, shall be taxable only in the territory in which they arise. This provision shall also apply to annuities and to pensions and other similar remuneration paid under social security legislation in force in that territory or under a public scheme organized by that territory in order to supplement the benefits of that social security legislation.

(2) The term "annuity" means a stated sum payable periodically at stated times during life or during a specified or ascertainable period of time under an obligation to make the payments in return for adequate and full consideration in money or money's worth.