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 may be taxed in that other State.
     2. However, such dividends may be taxed in the State of which the company paying the dividends is a resident, and according to the law of that State, but the tax so charged shall not exceed:
(a) 7.5 per cent of the gross amount of the dividends, if the recipient is a company whose capital is divided, wholly or partly, into shares and which owns directly at least 25 per cent of the capital of the company paying the dividends, provided that the relationship between the two companies is not established or being maintained for the primary purpose of enjoying the benefit of the lower rate;
(b) 15 per cent of the gross amount of the dividends not specified in subparagraph (a), if the dividends are not included in the basis for levying the tax in the country of which the recipient is a resident;
(c) 20 per cent of the gross amount of the dividends in all other cases.
     3. The provisions of paragraph 2 shall not affect the taxation of the company in respect of the profits out of which the dividends are paid.
     4. The term "dividends" as used in this article means income from shares, jouissance shares or jouissance rights, founders' shares or other rights participating in profits as well as income from bonds and debentures or debt-claims participating 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.
     5. 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.
     6. 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 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 on the undistributed profits consist wholly or partly of profits or income arising in such other State.