ARTICLE 9

ASSOCIATED ENTERPRISES

1. Where

a) an enterprise of a Contracting State participates directly or indirectly in the

management, control or capital of an enterprise of the other Contracting

State, or

b) the same persons participate directly or indirectly in the management,

control or capital of an enterprise of a Contracting State and an enterprise

of the other Contracting State,

and in either case conditions are made or imposed between the two enterprises in their

commercial or financial relations which differ from those which would be made

between independent enterprises, then any profits which would, but for those

conditions, have accrued to one of the enterprises, but, by reason of those conditions,

have not so accrued, may be included in the profits of that enterprise and taxed

accordingly.

2. Where a Contracting State includes in the profits of an enterprise of that State – and taxes accordingly – profits on which an enterprise of the other Contracting State has been charged to tax in that other State and the profits so included are profits which

would have accrued to the enterprise of the first-mentioned State if the conditions made

between the two enterprises had been those which would have been made between

independent enterprises, then that other State, if it agrees that the adjustment made by

the first-mentioned State is justified both in principle and as regards the amount, shall

make an appropriate adjustment to the amount of the tax charged therein on those

profits. In determining such adjustment, due regard shall be had to the other provisions

of this Convention and the competent authorities of the Contracting States shall if

necessary consult each other.

ARTICLE 10

DIVIDENDS

1. Dividends paid by a company which is a resident of a Contracting State to a

resident of the other Contracting State may be taxed in that other State.

2. However, such dividends may also be taxed in the Contracting State of which

the company paying the dividends is a resident and according to the laws of that State,

but if the beneficial owner of the dividends is a resident of the other Contracting State,

the tax so charged shall not exceed:

a) 5 per cent of the gross amount of the dividends if the beneficial owner is a

company (other than a partnership) which holds directly at least 25 per

cent of the capital of the company paying the dividends;

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