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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

(1) Directors' fees and other similar payments derived by a resident of a Contracting State in the capacity as a member of the board of directors or a similar organ of a company which is a resident of the other Contracting State, may be taxed in that other State.

(2) However, remuneration derived by such persons in respect of any other capacity may be taxed under the provisions of Article 14 or paragraph 1 of Article 15 of this Convention, as the case may be.