Debates Parlamentares - Diário 102S1, p. 74 (2012-01-20)

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74 | II Série A - Número: 102S1 | 20 de Janeiro de 2012

PROTOCOL TO THE CONVENTION BETWEEN THE PORTUGUESE REPUB- LIC AND THE REPUBLIC OF PANAMA FOR THE AVOIDANCE OF DOUBLE TAXATION AND THE PREVEhTTION OF FISCAL EVASION WITH RESPECT TO TAXES ON INCOME On signing the Convention between the Republic of Panama and the Portuguese Republic for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to Taxes on Income (hereinafter referred to as "the Convention"), the sig- natories have agreed that the following provisions shall form an integral part of the Convention: 1. Mode of application of the Convention The competent authorities of the Contracting States shall by mutual agreement settle the mode of application of tlie Convention.
2. In relatioii with Article 5, paragraph 3 For the purposes of determining the duration of activities under paragraph 3, the period during which activities are carried on in a Contracting State by an enterprise as- sociated with anotlier enterprise shall be added to the period during which the activities are carried out by the enterprise with which it is associated, provided that the activities of the two enterprises are identical or substantially similar and are carried out in connec- tion with the same or a connected site or project. For the purposes of this paragraph, an enterprise shall be deemed to be associated witli another enterprise if one is controlled directly or indirectly by the other, or if both are controlled directly or indirectly by a third person or persons.
3. In relation wi th Articles 6, 10, 1 1, 12 aiid 14 Whereby the ownership of shares, participations or other rights in a company or any other legal persoii attributes directly or indirectly to a resident of a Contracting State a riglit to the use of immovable property situated in the otlier Contracting State that such company or other legal person possesses therein, the income derived by the owner of the shares, participations or rights, as a result of the direct use, letting, or use in any other form of siich propei-ty, may be taxed iii the Contracting State in which the iin- movable property is situated, to tlie saine extent to which the owner of such rights would be taxed if he were a resident of that other State. This provision shall only apply to tlie extent to which the owner of the sl~arcs, participations or other rights holds at least 10 percent of the capital or voting power of such company or olher legal person.

74 | II Série A - Número: 102S1 | 20 de Janeiro de 2012PROTOCOL TO THE CONVENTION BETWEEN THE PORTUGUESE REPUB- LIC AND THE REPUBLIC OF PANAMA FOR THE AVOIDANCE OF DOUBLE TAXATION AND THE PREVEhTTION OF FISCAL EVASION WITH RESPECT TO TAXES ON INCOME On signing the Convention between the Republic of Panama and the Portuguese Republic for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to Taxes on Income (hereinafter referred to as "the Convention"), the sig- natories have agreed that the following provisions shall form an integral part of the Convention: 1. Mode of application of the Convention The competent authorities of the Contracting States shall by mutual agreement settle the mode of application of tlie Convention.
2. In relatioii with Article 5, paragraph 3 For the purposes of determining the duration of activities under paragraph 3, the period during which activities are carried on in a Contracting State by an enterprise as- sociated with anotlier enterprise shall be added to the period during which the activities are carried out by the enterprise with which it is associated, provided that the activities of the two enterprises are identical or substantially similar and are carried out in connec- tion with the same or a connected site or project. For the purposes of this paragraph, an enterprise shall be deemed to be associated witli another enterprise if one is controlled directly or indirectly by the other, or if both are controlled directly or indirectly by a third person or persons.
3. In relation wi th Articles 6, 10, 1 1, 12 aiid 14 Whereby the ownership of shares, participations or other rights in a company or any other legal persoii attributes directly or indirectly to a resident of a Contracting State a riglit to the use of immovable property situated in the otlier Contracting State that such company or other legal person possesses therein, the income derived by the owner of the shares, participations or rights, as a result of the direct use, letting, or use in any other form of siich propei-ty, may be taxed iii the Contracting State in which the iin- movable property is situated, to tlie saine extent to which the owner of such rights would be taxed if he were a resident of that other State. This provision shall only apply to tlie extent to which the owner of the sl~arcs, participations or other rights holds at least 10 percent of the capital or voting power of such company or olher legal person.

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