Article 10 Dividends
     1. Dividends paid by a company which is a resident of one of the States to a resident of the other State shall be taxable only in that other State.
     2. The provisions of paragraph 1 shall not affect the right of either of the States to impose a tax on dividends paid by a company which is a resident of that State to a resident of the other State.
     However, the rate of the tax shall not exceed:
a. 2 1/2 per cent of the gross amount of the dividends if the recipient is a company the capital of which is wholly or partly divided into shares or corporate rights assimilated to shares by the taxation law of that other State and which holds directly at least 25 per cent of the capital of the company paying the dividends;
b. In all other cases, 15 per cent of the gross amount of the dividends.
     3. The competent authorities of the States shall by mutual agreement settle the mode of application of paragraph 2.
     4. The provisions of paragraphs 1 and 2 shall not affect the taxation of the company in respect of the profits out of which the dividends are paid.
     5. The term "dividends" as used in this article means income from shares, jouissance shares or jouissance rights, mining shares, founders' shares or other rights participating in profits, as well as income from debt-claims carrying a right to participate in profits and income from other corporate rights assimilated to income from shares by the taxation law of the State of which the company making the distribution is a resident.
     6. The provisions of paragraphs 1 and 2 shall not apply if the recipient of the dividends, being a resident of one of the States, has in the other State, of which the company paying the dividends is a resident, a permanent establishment with which the holding by virtue of which the dividends are paid is effectively connected. In such a case, the provisions of article 7 shall apply.
     7. Where a company which is a resident of one of the States derives profits or income from the other State, that other State may not impose any tax on the dividends paid by the company to persons who are not residents of that other State, or subject the company's undistributed profits to a tax on undistributed profits, even if the dividends paid or the undistributed profits consist wholly or partly of profits or income arising in such other State.
     8. Not later than five years after the date of the entry into force of this Convention, the competent authorities of the States shall consult together to study the desirability of a change in the rate referred to in paragraph 2(a) of this article.