e) for subparagraph b) of paragraph 1 not to apply to its Covered Tax Agreements that already contain a provision of the type described in paragraph 1 that applies to the alienation of interests

other than shares;

f) for paragraph 4 not to apply to its Covered Tax Agreements that already contain the provisions described in paragraph 5.

7. Each Party that has not made the reservation described in subparagraph a) of paragraph 6 shall notify the Depositary of whether each of its Covered Tax Agreements contains a provision described in paragraph

1, and if so, the article and paragraph number of each such provision. Paragraph 1 shall apply with respect

to a provision of a Covered Tax Agreement only where all Contracting Jurisdictions have made a notification

with respect to that provision.

8. Each Party that chooses to apply paragraph 4 shall notify the Depositary of its choice. Paragraph 4 shall apply to a Covered Tax Agreement only where all Contracting Jurisdictions have made such a

notification. In such case, paragraph 1 shall not apply with respect to that Covered Tax Agreement. In the

case of a Party that has not made the reservation described in subparagraph f) of paragraph 6 and has made

the reservation described in subparagraph a) of paragraph 6, such notification shall also include the list of its

Covered Tax Agreements which contain a provision described in paragraph 5, as well as the article and

paragraph number of each such provision. Where all Contracting Jurisdictions have made a notification with

respect to a provision of a Covered Tax Agreement under this paragraph or paragraph 7, that provision shall

be replaced by the provisions of paragraph 4. In other cases, paragraph 4 shall supersede the provisions of

the Covered Tax Agreement only to the extent that those provisions are incompatible with paragraph 4.

Article 10 – Anti-abuse Rule for Permanent Establishments Situated in Third Jurisdictions

1. Where:

a) an enterprise of a Contracting Jurisdiction to a Covered Tax Agreement derives income from the other Contracting Jurisdiction and the first-mentioned Contracting Jurisdiction treats such

income as attributable to a permanent establishment of the enterprise situated in a third

jurisdiction; and

b) the profits attributable to that permanent establishment are exempt from tax in the first- mentioned Contracting Jurisdiction,

the benefits of the Covered Tax Agreement shall not apply to any item of income on which the tax in the

third jurisdiction is less than 60 per cent of the tax that would be imposed in the first-mentioned Contracting

Jurisdiction on that item of income if that permanent establishment were situated in the first- mentioned

Contracting Jurisdiction. In such a case, any income to which the provisions of this paragraph apply shall

remain taxable according to the domestic law of the other Contracting Jurisdiction, notwithstanding any other

provisions of the Covered Tax Agreement.

2. Paragraph 1 shall not apply if the income derived from the other Contracting Jurisdiction described in paragraph 1 is derived in connection with or is incidental to the active conduct of a business carried on

through the permanent establishment (other than the business of making, managing or simply holding

investments for the enterprise’s own account, unless these activities are banking, insurance or securities activities carried on by a bank, insurance enterprise or registered securities dealer, respectively).

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