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) 5 percent of the gross amount of the dividends if the recipient is a company (other than a partnership) which holds directly at least 25 percent of the capital of the company paying the dividends;
(b) 15 percent of the gross amount of the dividends, in all other cases.
     3. The competent authorities of the States shall by mutual agreement settle the mode of application of paragraph 2 of this Article.
     4. The provisions of paragraph 2 of this Article 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 his Article means, in respect of the Netherlands, income from shares, or other rights participating in profits as well as income from other corporate rights which is subjected to the same taxation treatment as income from shares by the taxation law of that State. The term does not include the profits derived in Yugoslavia by a resident of the Netherlands in respect of his participation in joint business operations with a Yugoslav enterprise.
     6. The provisions of paragraphs 1 and 2 of this Article shall not apply if the recipient of the dividends, being a resident of one of the States, carries on business in the other State of which the company paying the dividends is a resident, through a permanent establishment situated therein, or performs in that other State independent personal services from a fixed base situated therein, and the holding in respect of which the dividends are paid is effectively connected with such permanent establishment or fixed base. In such case, the provisions of Article 7 or Article 14 of this Convention, as the case may be, 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, except insofar as such dividends are paid to a resident of that other State or insofar as the holding in respect of which the dividends are paid is effectively connected with a permanent establishment or a fixed base situated in that other State, nor 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.