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 CONVENTION BETWEEN 

 THE GOVERNMENT OF THE UNITED STATES OF AMERICA 

AND THE GOVERNMENT OF THE KINGDOM OF BELGIUM 

FOR THE AVOIDANCE OF DOUBLE TAXATION AND THE 

PREVENTION OF FISCAL EVASION 

WITH RESPECT TO TAXES ON INCOME 

The Government of the United States of America and the Government of the Kingdom of 

Belgium, desiring to conclude a Convention for the avoidance of double taxation and the 

prevention of fiscal evasion with respect to taxes on income, have agreed as follows: 
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Article 1 

GENERAL SCOPE

1. This Convention shall apply only to persons who are residents of one or both of the 

Contracting States, except as otherwise provided in the Convention. 

2. Except as provided in subparagraph a) of paragraph 4 of Article 22 (Relief from Double 

Taxation), the Convention shall not restrict in any manner any benefit now or hereafter 

accorded: 

a) by the laws of either Contracting State; or 

b) by any other agreement to which the Contracting States are party. 

3. a) Notwithstanding the provisions of sub-paragraph b) of paragraph 2 of this 

Article: 

i) for purposes of paragraph 3 of Article XXII (Consultation) of the General 

Agreement on Trade in Services, the Contracting States agree that any question 

arising as to the interpretation or application of this Convention and, in 

particular, whether a taxation measure is within the scope of this Convention, 

shall be determined exclusively in accordance with the provisions of Article 24 

(Mutual Agreement Procedure) of this Convention; and 

ii) the provisions of Article XVII of the General Agreement on Trade in 

Services shall not apply to a taxation measure unless the competent authorities 

agree that the measure is not within the scope of Article 23 (NonDiscrimination) of this Convention. 

 b) For the purposes of this paragraph, a “measure” is a law, regulation, rule, 

procedure, decision, administrative action, or any similar provision or action. 

4. Except to the extent provided in paragraph 5, this Convention shall not affect the 

taxation by a Contracting State of its residents (as determined under Article 4 (Resident)) and 

its citizens. Notwithstanding the other provisions of this Convention, a former citizen or 

former long-term resident of a Contracting State may, for the period of ten years following the 

loss of such status, be taxed in accordance with the laws of that Contracting State. 

5. The provisions of paragraph 4 shall not affect: 
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a) the benefits conferred by a Contracting State under paragraph 2 of Article 9 

(Associated Enterprises), paragraphs 1 b), 2, 5, 6 and 9 of Article 17 (Pensions, Social 

Security, Annuities, Alimony, and Child Support), and Articles 22 (Relief from Double 

Taxation), 23 (Non-Discrimination), and 24 (Mutual Agreement Procedure); and 

b) the benefits conferred by a Contracting State under paragraph 7 of Article 17 

(Pensions, Social Security, Annuities, Alimony, and Child Support), Articles 18 

(Government Service), 19 (Students, Trainees, Teachers and Researchers), and 27 

(Members of Diplomatic Missions and Consular Posts), upon individuals who are 

neither citizens of, nor have been admitted for permanent residence in, that State. 

6. An item of income, profit or gain derived through an entity that is fiscally transparent 

under the laws of either Contracting State shall be considered to be derived by a resident of a 

State to the extent that the item is treated for purposes of the taxation law of such Contracting 

State as the income, profit or gain of a resident. 

Article 2

TAXES COVERED 

1. This Convention shall apply to taxes on income imposed on behalf of a Contracting 

State irrespective of the manner in which they are levied. 

2. There shall be regarded as taxes on income all taxes imposed on total income, or on 

elements of income, including taxes on gains from the alienation of property. 

3. The existing taxes to which this Convention shall apply are: 

a) in the case of Belgium: 

 i) the individual income tax; 

 ii) the corporate income tax; 

 iii) the income tax on legal entities; and 

 iv) the income tax on non-residents; 

including the prepayments and the surcharges on these taxes and prepayments; 

b) in the case of the United States: 
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i) the Federal income taxes imposed by the Internal Revenue Code (but 

excluding social security taxes); and 

ii) the Federal excise taxes imposed with respect to private foundations. 

4. The Convention shall apply also to any identical or substantially similar taxes that are 

imposed after the date of signature of the Convention in addition to, or in place of, the existing 

taxes. The competent authorities of the Contracting States shall notify each other of any 

changes that have been made in their respective taxation or other laws that significantly affect 

their obligations under this Convention. 

Article 3

GENERAL DEFINITIONS 

1. For the purposes of this Convention, unless the context otherwise requires: 

a) the term "person" includes an individual, an estate, a trust, a partnership, a 

company, and any other body of persons; 

b) the term "company" means any body corporate or any entity that is treated as a 

body corporate for tax purposes according to the laws of the state in which it is 

organized; 

c) the terms "enterprise of a Contracting State" and "enterprise of the other 

Contracting State" mean respectively an enterprise carried on by a resident of a 

Contracting State, and an enterprise carried on by a resident of the other Contracting 

State; the terms also include an enterprise carried on by a resident of a Contracting State 

through an entity that is treated as fiscally transparent in that Contracting State; 

 d) the term “enterprise” applies to the carrying on of any business; 

 e) the term “business” includes the performance of professional services and of 

other activities of an independent character; 

f) the term "international traffic" means any transport by a ship or aircraft, except 

when such transport is solely between places in a Contracting State; 

g) the term "competent authority" means: 

i) in Belgium: the Minister of Finance or his authorized representative; and 
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ii) in the United States: the Secretary of the Treasury or his delegate; 

h) the term “Belgium” means the Kingdom of Belgium; when used in a 

geographical sense, such term means the territory of Belgium and includes the territorial 

sea and the seabed and subsoil and the superjacent waters of the adjacent submarine 

areas beyond the territorial sea over which Belgium exercises sovereign rights in 

accordance with international law; 

i) the term "United States" means the United States of America, and includes the 

states thereof and the District of Columbia; such term also includes the territorial sea 

thereof and the sea bed and subsoil of the submarine areas adjacent to that territorial sea, 

over which the United States exercises sovereign rights in accordance with international 

law; the term, however, does not include Puerto Rico, the Virgin Islands, Guam or any 

other United States possession or territory; 

j) the term "national" of a Contracting State means: 

i) any individual possessing the nationality or citizenship of that State; and 

ii) any legal person, partnership or association deriving its status as such 

from the laws in force in that State; 

 k) the term “pension fund” means any person established in a Contracting State that 

is: 

i) operated principally: 

 A) to administer or provide pension or retirement 

 benefits; or 

 B) to earn income for the benefit of one or more arrangements 

 described in A); and 

ii) is either: 

 A) in the case of Belgium, an entity organized under Belgian law and 

 regulated by the Bank Finance and Insurance Commission; or 

 B) in the case of the United States, exempt from tax in the United 

 States with respect to the activities described in clause i) of this 

 subparagraph. 
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2. As regards the application of the Convention at any time by a Contracting State, any 

term not defined therein shall, unless the context otherwise requires, or the competent authorities agree to a common meaning pursuant to the provisions of Article 24 (Mutual Agreement 

Procedure), have the meaning which it has at that time under the law of that State for the 

purposes of the taxes to which the Convention applies, any meaning under the applicable tax 

laws of that State prevailing over a meaning given to the term under other laws of that State. 

Article 4

RESIDENT 

1. For the purposes of this Convention, the term "resident of a Contracting State" means 

any person who, under the laws of that State, is liable to tax therein by reason of his domicile, 

residence, citizenship, place of management, place of incorporation, or any other criterion of a 

similar nature, and also includes that State and any political subdivision or local authority 

thereof. This term, however, does not include any person who is liable to tax in that State in 

respect only of income from sources in that State or of profits attributable to a permanent 

establishment in that State. 

2. An individual who is a United States citizen or an alien admitted to the United States for 

permanent residence (a "green card" holder) is a resident of the United States only if the 

individual has a substantial presence, permanent home or habitual abode in the United States 

and if that individual is not a resident of a State other than Belgium for the purposes of a double 

taxation convention between that State and Belgium. 

3. The term “resident of a Contracting State” includes: 

a) a pension fund established in that State; and 

b) an organization that is established and maintained in that State exclusively for 

religious, charitable, scientific, artistic, cultural, or educational purposes, 

notwithstanding that all or part of its income or gains may be exempt from tax under the 

domestic law of that State. 

4. Where, by reason of the provisions of paragraph 1, an individual is a resident of both 

Contracting States, then his status shall be determined as follows: 
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a) he shall be deemed to be a resident only of the State in which he has a permanent 

home available to him; if he has a permanent home available to him in both States, he 

shall be deemed to be a resident only of the State with which his personal and economic 

relations are closer (center of vital interests); 

b) if the State in which he has his center of vital interests cannot be determined, or 

if he does not have a permanent home available to him in either State, he shall be 

deemed to be a resident only of the State in which he has an habitual abode; 

c) if he has an habitual abode in both States or in neither of them, he shall be 

deemed to be a resident only of the State of which he is a national; 

d) if he is a national of both States or of neither of them, the competent authorities 

of the Contracting States shall endeavor to settle the question by mutual agreement. 

5. Where by reason of the provisions of paragraph 1 a person other than an individual is a 

resident of both Contracting States, the competent authorities of the Contracting States shall by 

mutual agreement procedure endeavor to settle the question. If the competent authorities do not 

reach such an agreement, that person shall not be entitled to claim any benefit provided by the 

Convention, except those provided by paragraph 1 of Article 22 (Relief from Double Taxation), 

by paragraph 1 of Article 23 (Non-Discrimination) and by Article 24 (Mutual Agreement 

Procedure). 

Article 5 

PERMANENT ESTABLISHMENT 

1. For the purposes of this Convention, the term "permanent establishment" means a fixed 

place of business through which the business of an enterprise is wholly or partly carried on. 

2. The term "permanent establishment" includes especially: 

a) a place of management; 

b) a branch; 

c) an office; 

d) a factory; 

e) a workshop; and 
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f) a mine, an oil or gas well, a quarry, or any other place of extraction of natural 

resources. 

3. a) A building site or construction or installation project constitutes a permanent 

establishment only if it lasts for more than twelve months. 

b) An installation used for the exploration for natural resources constitutes a 

permanent establishment in a Contracting State only if it lasts or the activity continues 

in that State for more than twelve months. 

4. Notwithstanding the preceding provisions of this Article, the term "permanent 

establishment" shall be deemed not to include: 

a) the use of facilities solely for the purpose of storage, display or delivery of goods 

or merchandise belonging to the enterprise; 

b) the maintenance of a stock of goods or merchandise belonging to the enterprise 

solely for the purpose of storage, display or delivery; 

c) the maintenance of a stock of goods or merchandise belonging to the enterprise 

solely for the purpose of processing by another enterprise; 

d) the maintenance of a fixed place of business solely for the purpose of purchasing 

goods or merchandise, or of collecting information, for the enterprise; 

e) the maintenance of a fixed place of business solely for the purpose of carrying 

on, for the enterprise, any other activity of a preparatory or auxiliary character; 

f) the maintenance of a fixed place of business solely for any combination of the 

activities mentioned in subparagraphs a) through e), provided that the overall activity of 

the fixed place of business resulting from this combination is of a preparatory or 

auxiliary character. 

5. Notwithstanding the provisions of paragraphs 1 and 2, where a person -- other than an 

agent of an independent status to whom paragraph 6 applies -- is acting on behalf of an 

enterprise and has and habitually exercises in a Contracting State an authority to conclude 

contracts that are binding on the enterprise, that enterprise shall be deemed to have a permanent 

establishment in that State in respect of any activities that the person undertakes for the 

enterprise, unless the activities of such person are limited to those mentioned in paragraph 4 
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that, if exercised through a fixed place of business, would not make this fixed place of business 

a permanent establishment under the provisions of that paragraph. 

6. An enterprise shall not be deemed to have a permanent establishment in a Contracting 

State merely because it carries on business in that State through a broker, general commission 

agent, or any other agent of an independent status, provided that such persons are acting in the 

ordinary course of their business as independent agents. 

7. The fact that a company that is a resident of a Contracting State controls or is controlled 

by a company that is a resident of the other Contracting State, or that carries on business in that 

other State (whether through a permanent establishment or otherwise), shall not be taken into 

account in determining whether either company has a permanent establishment in that other 

State. 

Article 6 

INCOME FROM REAL PROPERTY

1. Income derived by a resident of a Contracting State from real property, including 

income from agriculture or forestry, situated in the other Contracting State may be taxed in that 

other State. 

2. The term "real property” shall have the meaning which it has under the law of the 

Contracting State in which the property in question is situated. The term shall in any case 

include property accessory to real property (including livestock and equipment used in 

agriculture and forestry), rights to which the provisions of general law respecting landed 

property apply, usufruct of real property and rights to variable or fixed payments as 

consideration for the working of, or the right to work, mineral deposits, sources and other 

natural resources. Ships and aircraft shall not be regarded as real property. 

3. The provisions of paragraph 1 shall apply to income derived from the direct use, letting, 

or use in any other form of real property. 

4. The provisions of paragraphs 1 and 3 shall also apply to the income from real property 

of an enterprise. 
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5. A resident of a Contracting State who is liable to tax in the other Contracting State on 

income from real property situated in the other Contracting State may elect for any taxable year 

to compute the tax on such income on a net basis as if such income were business profits 

attributable to a permanent establishment in such other State. Any such election shall be 

binding for the taxable year of the election and all subsequent taxable years unless the 

competent authority of the Contracting State in which the property is situated agrees to 

terminate the election. 

Article 7 

BUSINESS PROFITS 

1. The profits of an enterprise of a Contracting State shall be taxable only in that State 

unless the enterprise carries on business in the other Contracting State through a permanent 

establishment situated therein. If the enterprise carries on business as aforesaid, the profits of 

the enterprise may be taxed in the other State but only so much of them as are attributable to 

that permanent establishment. 

2. Subject to the provisions of paragraph 3, where an enterprise of a Contracting State 

carries on business in the other Contracting State through a permanent establishment situated 

therein, there shall in each Contracting State be attributed to that permanent establishment the 

profits that it might be expected to make if it were a distinct and independent enterprise 

engaged in the same or similar activities under the same or similar conditions. 

3. In determining the profits of a permanent establishment, there shall be allowed as 

deductions expenses that are incurred for the purposes of the permanent establishment, 

including executive and general administrative expenses so incurred, whether in the State in 

which the permanent establishment is situated or elsewhere. 

4. No profits shall be attributed to a permanent establishment by reason of the mere 

purchase by that permanent establishment of goods or merchandise for the enterprise. 

5. For the purposes of the preceding paragraphs, the profits to be attributed to the 

permanent establishment shall be determined by the same method year by year unless there is 

good and sufficient reason to the contrary. 
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6. Where profits include items of income that are dealt with separately in other Articles of 

the Convention, then the provisions of those Articles shall not be affected by the provisions of 

this Article. 

7. In applying this Article, paragraph 8 of Article 10 (Dividends), paragraph 4 of Article 11 

(Interest), paragraph 3 of Article 12 (Royalties), paragraph 3 of Article 13 (Gains) and 

paragraph 2 of Article 20 (Other Income), any income or gain attributable to a permanent 

establishment during its existence is taxable in the Contracting State where such permanent 

establishment is situated even if the payments are deferred until such permanent establishment 

has ceased to exist. 

Article 8 

SHIPPING AND AIR TRANSPORT

1. Profits of an enterprise of a Contracting State from the operation of ships or aircraft in 

international traffic shall be taxable only in that State. 

2. For purposes of this Article, profits from the operation of ships or aircraft include, but 

are not limited to: 

a) profits from the rental of ships or aircraft on a full (time or voyage) basis; 

b) profits from the rental on a bareboat basis of ships or aircraft if the rental income is 

incidental to profits from the operation of ships or aircraft in international traffic; and 

c) profits from the rental on a bareboat basis of ships or aircraft if such ships or aircraft 

are operated in international traffic by the lessee. 

Profits derived by an enterprise from the inland transport of property or passengers within either 

Contracting State shall be treated as profits from the operation of ships or aircraft in international 

traffic if such transport is undertaken as part of international traffic. 

3. Profits of an enterprise of a Contracting State from the use, maintenance, or rental of 

containers (including trailers, barges, and related equipment for the transport of containers) 

shall be taxable only in that Contracting State, except to the extent that those containers or 

trailers and related equipment are used for transport solely between places within the other 

Contracting State. 
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4. The provisions of paragraphs 1 and 3 shall also apply to profits from participation in a 

pool, a joint business, or an international operating agency. 

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 that differ from those that would be made between 

independent enterprises, then, any profits that, but for those conditions, would 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 other Contracting State agrees that the profits so included are 

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

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

independent enterprises, then that other State 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. 
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Article 10

 DIVIDENDS

1. Dividends paid by a company that 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 

dividends are beneficially owned by a resident of the other Contracting State, except as 

otherwise provided, the tax so charged shall not exceed: 

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

company that owns directly at least 10 percent of the voting stock of the company 

paying the dividends; 

b) 15 percent of the gross amount of the dividends in all other cases. 

3. Notwithstanding the provisions of paragraph 2, where the company paying the 

dividends is a resident of the United States, such dividends shall not be taxed in the United 

States if the beneficial owner is: 

a) a company that is a resident of Belgium that has owned directly or indirectly 

shares representing 80 percent or more of the voting power in the company paying the 

dividends for a 12-month period ending on the date on which entitlement to the 

dividend is determined and: 

 i) satisfies the conditions of clause i) or ii) of subparagraph c) of 

 paragraph 2 of Article 21 (Limitation on Benefits); 

 ii) satisfies the conditions of clauses i) and ii) of subparagraph e) 

 of paragraph 2 of Article 21, provided that the company satisfies the 

 conditions described in paragraph 4 of that Article with respect to the 

 dividends; 

 iii) is entitled to benefits with respect to the dividends under 

 paragraph 3 of Article 21; or 

 iv) has received a determination pursuant to paragraph 7 of Article 21 

with respect to this paragraph; or 
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 b) a pension fund that is a resident of Belgium, provided that such dividends are 

not derived from the carrying on of a business by the pension fund or through an 

associated enterprise. 

4. Notwithstanding the provisions of paragraph 2, where the company paying the 

dividends is a resident of Belgium, such dividends shall not be taxed in Belgium if the 

beneficial owner of the dividends is: 

a) a company that is a resident of the United States that has owned directly shares 

representing at least 10 percent of the capital of the company paying the dividends for a 

12-month period ending on the date the dividend is declared; or 

 b) a pension fund that is a resident of the United States, provided that such 

dividends are not derived from the carrying on of a business by the pension fund or 

through an associated enterprise. 

5. Paragraphs 2, 3 and 4 shall not affect the taxation of the company in respect of the 

profits out of which the dividends are paid. 

6. a) Subparagraph a) of paragraph 2 and subparagraph a) of paragraph 3 shall not 

apply in the case of dividends paid by a U.S. Regulated Investment Company (RIC) or a 

U.S. Real Estate Investment Trust (REIT). In the case of dividends paid by a RIC, 

subparagraph b) of paragraph 2 and subparagraph b) of paragraph 3 shall apply. In the 

case of dividends paid by a REIT, subparagraph b) of paragraph 2 and subparagraph b) 

of paragraph 3 shall apply only if: 

i) the beneficial owner of the dividends is an individual or a pension fund, 

in either case holding an interest of not more than 10 percent in the REIT; 

ii) the dividends are paid with respect to a class of stock that is publicly 

traded and the beneficial owner of the dividends is a person holding an interest 

of not more than 5 percent of any class of the REIT’s stock; or 

iii) the beneficial owner of the dividends is a person holding an interest of 

not more than 10 percent in the REIT and the REIT is diversified. 
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b) For purposes of this paragraph, a REIT shall be "diversified" if the value of no 

single interest in real property exceeds 10 percent of its total interests in real property. 

For the purposes of this rule, foreclosure property shall not be considered an interest in 

real property. Where a REIT holds an interest in a partnership, it shall be treated as 

owning directly a proportion of the partnership's interests in real property corresponding 

to its interest in the partnership. 

7. For purposes of this Article, the term "dividends" means income from shares or other 

rights, not being debt-claims, participating in profits, as well as income that is subjected to the 

same taxation treatment as income from shares under the laws of the State of which the payer is 

a resident. 

8. The provisions of paragraphs 1 through 6 shall not apply if the beneficial owner of the 

dividends, being a resident of a Contracting State, carries on business in the other Contracting 

State, of which the payer is a resident, through a permanent establishment situated therein, and 

the holding in respect of which the dividends are paid is effectively connected with such 

permanent establishment. In such case the provisions of Article 7 (Business Profits) shall 

apply. 

9. A Contracting State may not impose any tax on dividends paid by a resident of the other 

State, except insofar as the dividends are paid to a resident of the first-mentioned State or the 

dividends are attributable to a permanent establishment situated in the first-mentioned State, 

nor may it impose tax on a corporation's undistributed profits, except as provided in paragraph 

10, even if the dividends paid or the undistributed profits consist wholly or partly of profits or 

income arising in that State. 

10. a) A company that is a resident of one of the States and that has a permanent 

establishment in the other State or that is subject to tax in the other State on a net basis 

on its income that may be taxed in the other State under Article 6 (Income from Real 

Property) or under paragraph 1 of Article 13 (Gains) may be subject in that other State 

to a tax in addition to the tax allowable under the other provisions of this Convention. 

b) Such tax, however, may be imposed on only the portion of the business profits 

of the company attributable to the permanent establishment and the portion of the 
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income referred to in the preceding sentence that is subject to tax under Article 6 or 

under paragraph 1 of Article 13 that, in the case of the United States, represent the 

dividend equivalent amount of such profits or income and, in the case of Belgium, is an 

amount that is analogous to the dividend equivalent amount. 

11. The tax referred to in subparagraphs a) and b) of paragraph 10 shall not be imposed at a 

rate exceeding the rate specified in subparagraph a) of paragraph 2. In any case, it shall not be 

imposed on a company that: 

 a) satisfies the conditions of clause i) or ii) of subparagraph c) of 

 paragraph 2 of Article 21 (Limitation on Benefits); 

 b) satisfies the conditions of clauses i) and ii) of subparagraph e) of 

 paragraph 2 of Article 21, provided that the company satisfies the conditions 

 described in paragraph 4 of that Article with respect to an item of income, profit, or 

gain described in paragraph 10; 

 c) is entitled under paragraph 3 of Article 21 to benefits with respect to 

 an item of income, profit, or gain described in paragraph 10; or 

 d) has received a determination pursuant to paragraph 7 of Article 21 with 

respect to this paragraph. 

12. a) Notwithstanding Article 29 (Termination): 

i) paragraph 3 of this Article shall terminate on, and shall cease to be 

effective for amounts paid or credited on or after, January 1 of the 6th year 

following the year in which the Convention enters into force, unless, by June 30 

of the 5th year following entry into force, the United States Secretary of the 

Treasury, on the basis of a report of the Commissioner of Internal Revenue, 

certifies to the Senate of the United States that Belgium has satisfactorily 

complied with its obligations under Article 25 (Exchange of Information and 

Administrative Assistance); and 

ii) the United States may terminate paragraph 3 of this Article by giving 

written notice of termination to Belgium, through the diplomatic channel, on or 

before June 30 in any year. In such case, paragraph 3 hereof shall cease to be 
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effective for amounts paid or credited on or after January 1 of the year next 

following that in which such notice is given. The United States will not give 

such notice of termination unless it has determined that Belgium's actions with 

respect to Articles 24 (Mutual Agreement Procedure) and 25 have materially 

altered the balance of benefits of the Convention. 

b) The competent authorities shall consult at least annually regarding any issues 

that arise with respect to the functioning of Articles 24 and 25 that otherwise might 

trigger a termination under subparagraph a). 

Article 11 

INTEREST 

1. Interest arising in a Contracting State and beneficially owned by a resident of the other 

Contracting State shall be taxable only in that other State. 

2. Notwithstanding the provisions of paragraph 1: 

a) interest arising in the United States that is contingent interest of a type that does 

not qualify as portfolio interest under United States law may be taxed by the United 

States but, if the beneficial owner of the interest is a resident of Belgium, the interest 

may be taxed at a rate not exceeding 15 percent of the gross amount of the interest; 

b) interest arising in Belgium that is determined with reference to receipts, sales, 

income, profits or other cash flow of the debtor or a related person, to any change in the 

value of any property of the debtor or a related person or to any dividend, partnership 

distribution or similar payment made by the debtor to a related person may be taxed in 

Belgium, and according to the laws of Belgium, but if the beneficial owner is a resident 

of the United States, the interest may be taxed at a rate not exceeding 15 percent of the 

gross amount of the interest; and 

c) interest that is an excess inclusion with respect to a residual interest in a real 

estate mortgage investment conduit may be taxed by each State in accordance with its 

domestic law. 
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3. The term "interest" as used in this Article means income from debt-claims of every 

kind, whether or not secured by mortgage, and whether or not carrying a right to participate in 

the debtor's profits, and in particular, income from government securities and income from 

bonds or debentures, including premiums or prizes attaching to such securities, bonds or 

debentures, and all other income that is subjected to the same taxation treatment as income 

from money lent by the taxation law of the Contracting State in which the income arises. 

Income dealt with in Article 10 (Dividends) and penalty charges for late payment shall not be 

regarded as interest for the purposes of this Convention. 

4. The provisions of paragraph 1 shall not apply if the beneficial owner of the interest, 

being a resident of a Contracting State, carries on business in the other Contracting State, in 

which the interest arises, through a permanent establishment situated therein, and the debtclaim in respect of which the interest is paid is effectively connected with such permanent 

establishment. In such case the provisions of Article 7 (Business Profits) shall apply. 

5. Interest shall be deemed to arise in a Contracting State when the payer is a resident of 

that State. Where, however, the person paying the interest, whether he is a resident of a 

Contracting State or not, has in a Contracting State a permanent establishment in connection 

with which the indebtedness on which the interest is paid was incurred, and such interest is 

borne by such permanent establishment, then such interest shall be deemed to arise in the State 

in which the permanent establishment is situated. 

6. Where, by reason of a special relationship between the payer and the beneficial owner or 

between both of them and some other person, the amount of the interest, having regard to the 

debt-claim for which it is paid, exceeds the amount which would have been agreed upon by the 

payer and the beneficial owner in the absence of such relationship, the provisions of this Article 

shall apply only to the last-mentioned amount. In such case the excess part of the payments 

shall remain taxable according to the laws of each Contracting State, due regard being had to 

the other provisions of this Convention.
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Article 12

ROYALTIES

1. Royalties arising in a Contracting State and beneficially owned by a resident of the other 

Contracting State shall be taxable only in that other State. 

2. The term "royalties" as used in this Article means payments of any kind received as a 

consideration for the use of, or the right to use, any copyright of literary, artistic, or scientific 

work (including cinematographic films and software), any patent, trade mark, design or model, 

plan, secret formula or process, or for information concerning industrial, commercial or 

scientific experience. 

3. The provisions of paragraph 1 shall not apply if the beneficial owner of the royalties, 

being a resident of a Contracting State, carries on business in the other Contracting State 

through a permanent establishment situated therein and the right or property in respect of which 

the royalties are paid is effectively connected with such permanent establishment. In such case 

the provisions of Article 7 (Business Profits) shall apply. 

4. Where, by reason of a special relationship between the payer and the beneficial owner or 

between both of them and some other person, the amount of the royalties, having regard to the 

use, right, or information for which they are paid, exceeds the amount which would have been 

agreed upon by the payer and the beneficial owner in the absence of such relationship, the 

provisions of this Article shall apply only to the last-mentioned amount. In such case the 

excess part of the payments shall remain taxable according to the laws of each Contracting 

State, due regard being had to the other provisions of this Convention. 

Article 13 

GAINS

1. Gains derived by a resident of a Contracting State that are attributable to the alienation 

of real property situated in the other Contracting State may be taxed in that other State. 

2. For the purposes of this Article the term "real property situated in the other Contracting 

State" shall include: 

a) real property referred to in Article 6 (Income from Real Property); and 
 20

b) where that other State is the United States, a United States real property interest. 

3. Gains from the alienation of movable property forming part of the business property of a 

permanent establishment that an enterprise of a Contracting State has in the other Contracting 

State, including such gains from the alienation of such a permanent establishment (alone or 

with the whole enterprise), may be taxed in that other State. 

4. Gains derived by an enterprise of a Contracting State from the alienation of ships or 

aircraft operated in international traffic or personal property pertaining to the operation of such 

ships or aircraft shall be taxable only in that State. 

5. Gains derived by an enterprise of a Contracting State from the alienation of containers 

(including trailers and related equipment for the transport of containers) used for the transport 

of goods or merchandise shall be taxable only in that State, unless those containers or trailers 

and related equipment are used for transport solely between places within the other Contracting 

State. 

6. Gains from the alienation of any property other than property referred to in paragraphs 1 

through 5 shall be taxable only in the Contracting State of which the alienator is a resident. 

Article 14

INCOME FROM EMPLOYMENT

1. Subject to the provisions of Articles 15 (Directors' Fees), 17 (Pensions, Social Security, 

Annuities, Alimony, and Child Support), 18 (Government Service) and 19 (Students, Trainees, 

Teachers and Researchers), salaries, wages, and other similar remuneration derived by a 

resident of a Contracting State in respect of an employment shall be taxable only in that State 

unless the employment is exercised in the other Contracting State. If the employment is so 

exercised, such remuneration as is derived therefrom may be taxed in that other State. 

2. Notwithstanding the provisions of paragraph 1, remuneration derived by a resident of a 

Contracting State in respect of an employment exercised in the other Contracting State shall be 

taxable only in the first-mentioned State if: 
 21

a) the recipient is present in the other State for a period or periods not exceeding in 

the aggregate 183 days in any twelve month period commencing or ending in the taxable 

year concerned; and 

b) the remuneration is paid by, or on behalf of, an employer who is not a resident of 

the other State; and 

c) the remuneration is not borne by a permanent establishment which the employer 

has in the other State. 

3. Notwithstanding the preceding provisions of this Article, remuneration described in 

paragraph 1 that is derived by a resident of a Contracting State in respect of an employment as a 

member of the regular complement of a ship or aircraft operated in international traffic shall be 

taxable only in that State. 

Article 15

 DIRECTORS' FEES

Directors' fees and other compensation derived by a resident of a Contracting State for services 

rendered in the other Contracting State in his capacity as a member of the board of directors of 

a company that is a resident of the other Contracting State may be taxed in that other 

Contracting State. 

Article 16 

ENTERTAINERS AND SPORTSMEN

1. Income derived by a resident of a Contracting State as an entertainer, such as a theater, 

motion picture, radio, or television artiste, or a musician, or as a sportsman, from his personal 

activities as such exercised in the other Contracting State, which income would be exempt from 

tax in that other Contracting State under the provisions of Articles 7 (Business Profits) and 14 

(Income from Employment) may be taxed in that other State, except where the amount of the 

gross receipts derived by such entertainer or sportsman, including expenses reimbursed to him 

or borne on his behalf, from such activities does not exceed twenty thousand United States 

dollars ($20,000) or its equivalent in euro for the taxable year of the payment. 
 22

2. Where income in respect of personal activities exercised by an entertainer or a 

sportsman in his capacity as such accrues not to the entertainer or sportsman himself but to 

another person, that income may, notwithstanding the provisions of Articles 7 and 14, be taxed 

in the Contracting State in which the activities of the entertainer or sportsman are exercised, but 

only in cases in which the contract pursuant to which the personal activities are performed 

a) designates (by name or description) the entertainer or sportsman; or 

b) allows the other party to the contract (or some third person other than the 

entertainer, sportsman or the first-mentioned other person) to designate the individual 

who is to perform the personal activities. 

Article 17 

PENSIONS, SOCIAL SECURITY, ANNUITIES, 

ALIMONY, AND CHILD SUPPORT 

1. Subject to paragraph 2 of Article 18 (Government Service), 

 a) pensions and other similar remuneration beneficially owned by a resident of a 

Contracting State shall be taxable only in that State; 

b) notwithstanding subparagraph a), the amount of any such pension or 

remuneration arising in a Contracting State that, when received, would be exempt from 

taxation in that State if the beneficial owner were a resident thereof shall be exempt 

from taxation in the Contracting State of which the beneficial owner is a resident. 

2. Notwithstanding the provisions of paragraph 1, payments made by a Contracting State 

under provisions of the social security or similar legislation of that State to a resident of the 

other Contracting State or to a citizen of the United States shall be taxable only in the firstmentioned State. 

3. Annuities derived and beneficially owned by an individual resident of a Contracting 

State shall be taxable only in that State. The term "annuities" as used in this paragraph means a 

stated sum paid periodically at stated times during a specified number of years, or for life, under 

an obligation to make the payments in return for adequate and full consideration (other than 

services rendered). 
 23

4. Alimony paid by a resident of a Contracting State to a resident of the other Contracting 

State shall be taxable only in that other State. The term "alimony" as used in this paragraph 

means periodic payments made pursuant to a written separation agreement or a decree of 

divorce, separate maintenance, or compulsory support, which payments are taxable to the 

recipient under the laws of the State of which he is a resident. 

5. Periodic payments, not dealt with in paragraph 4, for the support of a child made 

pursuant to a written separation agreement or a decree of divorce, separate maintenance, or 

compulsory support, paid by a resident of a Contracting State to a resident of the other 

Contracting State, shall be taxable only in the first-mentioned State. 

6. Income earned by a pension fund that is a resident of a Contracting State may be taxed 

as income of an individual who is a resident of the other Contracting State only when, and, 

subject to the provisions of paragraph 1 of this Article, to the extent that, it is paid to, or for the 

benefit of, that individual from the pension fund (and not transferred to another pension fund 

that is a resident of the first-mentioned Contracting State). 

7. Where an individual who is a member or beneficiary of, or participant in, a pension fund 

that is a resident of one of the Contracting States (or in a similar fund that is a resident of a 

comparable third State) exercises an employment or self-employment in the other Contracting 

State: 

 a) contributions paid by or on behalf of that individual under a pension plan during 

the period that he exercises an employment or self-employment in the other Contracting 

State shall be deductible (or excludible) in computing his taxable income in that other 

Contracting State; and 

 b) any benefits accrued under the pension plan, or contributions made under the 

pension plan by or on behalf of the individual’s employer, during that period shall not 

be treated as part of the employee’s taxable income and any such contributions shall be 

allowed as a deduction in computing the taxable income of his employer in that other 

Contracting State. 

The relief available under this paragraph shall not exceed the relief that would be allowed by 

the other Contracting State to residents of that Contracting State for contributions to, or benefits 
 24

accrued under, a pension plan established in that Contracting State, in the case of the United 

States, or recognized for tax purposes in that Contracting State, in the case of Belgium. 

8. The provisions of paragraph 7 of this Article shall not apply unless: 

 a) contributions by or on behalf of the individual, or by or on behalf of the 

individual’s employer, under the pension plan (or under another similar pension plan for 

which the first-mentioned pension plan was substituted) were made before the 

individual began to exercise an employment or self-employment in the other 

Contracting State; 

 b) the individual has performed personal services in the other Contracting State for 

a cumulative period not exceeding ten calendar years; and 

 c) the competent authority of the other Contracting State has agreed that the 

pension plan generally corresponds to a pension plan recognized for tax purposes in that 

other Contracting State. 

9. a) Where a citizen of the United States who is a resident of Belgium exercises an 

employment in Belgium the income from which is taxable in Belgium, the contribution 

is borne by an employer who is a resident of Belgium or by a permanent establishment 

situated in Belgium, and the individual is a member or beneficiary of, or participant in, a 

pension fund that is a resident of Belgium (or in a similar fund that is a resident of a 

comparable third State), 

 i) contributions paid by or on behalf of that individual under a pension plan 

 during the period that he exercises the employment in Belgium, and that are 

attributable to the employment, shall be deductible (or excludible) in computing 

his taxable income in the United States; and 

 ii) any benefits accrued under the pension plan, or contributions made under 

 the pension plan by or on behalf of the individual’s employer, during that period, 

 and that are attributable to the employment, shall not be treated as part of the 

 employee’s taxable income in computing his taxable income in the United 

 States. 

b) The relief available under this paragraph shall not exceed the lesser of: 
 25

 i) the relief that would be allowed by the United States to its residents for 

contributions to, or benefits accrued under, a generally corresponding pension 

plan recognized for tax purposes in the United States; and 

 ii) the amount of the contributions or benefits that qualify for tax relief in 

Belgium. 

c) For purposes of determining an individual’s eligibility to participate in and 

receive tax benefits with respect to a pension plan established in the United States, 

contributions made to, or benefits accrued under, a pension plan recognized for tax 

purposes in Belgium shall be treated as contributions or benefits under a generally 

corresponding pension plan established in the United States to the extent relief is 

available to the individual under this paragraph. 

 d) This paragraph shall not apply unless the competent authority of the United 

States has agreed that the pension plan generally corresponds to a pension plan 

recognized for tax purposes in the United States. 

10. a) For purposes of paragraphs 7 and 9, a similar fund that is a resident of a State 

other than a Contracting State will be considered to be a resident of a comparable third 

State only if that third State: 

i) is a member state of the European Union or any other European 

Economic Area state or any party to the North American Free Trade Agreement 

or Switzerland; 

ii) provides, under a tax treaty or otherwise, comparable favorable treatment 

for contributions to a pension fund that is a resident of the Contracting State that 

is providing benefits under paragraph 7 or 9; and 

 iii) has an information exchange provision in a tax treaty or other 

arrangement with the Contracting State that is providing benefits under 

paragraph 7 or 9 that is satisfactory to that Contracting State; 

b) a pension plan is recognized for tax purposes in a Contracting State if 

contributions to the plan would qualify for tax relief in that Contracting State. 
 26

Article 18 

GOVERNMENT SERVICE

1. Notwithstanding the provisions of Articles 14 (Income from Employment), 15 

(Directors’ Fees), 16 (Entertainers and Sportsmen) and 19 (Students, Trainees, Teachers and 

Researchers): 

a) salaries, wages and other similar remuneration, other than a pension, paid to an 

individual in respect of services rendered to a Contracting State or a political 

subdivision or local authority thereof shall be taxable only in that State; 

b) such remuneration, however, shall be taxable only in the other Contracting State 

if the services are rendered in that State and the individual is a resident of that State 

who: 

i) is a national of that State; or 

ii) did not become a resident of that State solely for the purpose of rendering 

the services. 

2. a) Notwithstanding the provisions of paragraph 1, any pension and other similar 

remuneration paid by, or out of funds created by, a Contracting State or a political 

subdivision or a local authority thereof to an individual in respect of services rendered 

to that State or subdivision or authority (other than a payment to which paragraph 2 of 

Article 17 (Pensions, Social Security, Annuities, Alimony, and Child Support) applies) 

shall be taxable only in that State; 

b) such pensions and other similar remuneration, however, shall be taxable only in 

the other Contracting State if the individual is a resident of, and a national of, that State. 

3. The provisions of Articles 14, 15, 16 and 17 shall apply to salaries, wages, pensions, 

and other similar remuneration, in respect of services rendered in connection with a business 

carried on by a Contracting State or a political subdivision or a local authority thereof. 

Article 19

STUDENTS, TRAINEES, TEACHERS AND RESEARCHERS

1. a) Payments, other than compensation for personal services, received by a student 
 27

or business trainee who is, or was immediately before visiting a Contracting State, a 

resident of the other Contracting State, and who is present in the first-mentioned State 

for the purpose of his full-time education or for his full-time training, shall not be taxed 

in that State, provided that such payments arise outside that State, and are for the 

purpose of his maintenance, education or training. The exemption from tax provided by 

this paragraph shall apply to a business trainee only for a period of time not exceeding 

two years from the date the business trainee first arrives in the first-mentioned 

Contracting State for the purpose of training. 

b) A student or business trainee within the meaning of subparagraph a) shall be 

exempt from tax in the Contracting State in which the individual is temporarily present 

with respect to income from personal services in an aggregate amount equal to $9,000 

or its equivalent in euro annually. The competent authorities shall, every five years, 

adjust the amount provided in this subparagraph to the extent necessary to take into 

account changes in the U.S. personal exemption and standard deduction and the Belgian 

basic allowance (quotité exemptée/belastingvrije som). 

 c) For purposes of this paragraph, a business trainee is an individual: 

 i) who is temporarily present in a Contracting State for the 

 purpose of securing training required to qualify the individual to practice a 

 profession or professional specialty; or 

 ii) who is temporarily present in a Contracting State as an employee of, or 

 under contract with, a resident of the other Contracting State, for the 

 primary purpose of acquiring technical, professional, or business 

 experience from a person other than that resident of the other Contracting 

 State (or a person related to such resident of the other Contracting State). 

2. An individual who is a resident of a Contracting State at the beginning of his visit to the 

other Contracting State and who is temporarily present in the other Contracting State for the 

purpose of teaching or carrying on research at a school, college, university or other educational 

or research institution shall be exempt from tax in the other Contracting State for a period not 

exceeding two years from the date of the individual's arrival in that other State on the 
 28

remuneration received in consideration of teaching or carrying on research. This paragraph 

shall not apply to income from research if such research is undertaken not in the public interest 

but primarily for the private benefit of a specific person or persons. 

Article 20

OTHER INCOME

1. Items of income beneficially owned by a resident of a Contracting State, wherever 

arising, not dealt with in the foregoing Articles of this Convention shall be taxable only in that 

State. 

2. The provisions of paragraph 1 shall not apply to income, other than income from real 

property as defined in paragraph 2 of Article 6 (Income from Real Property), if the beneficial 

owner of the income, being a resident of a Contracting State, carries on business in the other 

Contracting State through a permanent establishment situated therein and the income is 

attributable to such permanent establishment. In such case the provisions of Article 7 (Business 

Profits) shall apply. 

Article 21

LIMITATION ON BENEFITS 

1. A resident of a Contracting State shall be entitled to benefits otherwise accorded to 

residents of a Contracting State by this Convention only to the extent provided in this Article. 

2. A resident of a Contracting State shall be entitled to all the benefits of this Convention 

if the resident is: 

a) an individual; 

b) a Contracting State or any political subdivision or local authority thereof; 

c) a company, if: 

i) its principal class of shares (and any disproportionate class of shares) is 

regularly traded on one or more recognized stock exchanges, and either: 

A) its principal class of shares is primarily traded on a recognized 

stock exchange located in the Contracting State of which the company is 
 29

a resident (or, in the case of a company resident in Belgium, on a 

recognized stock exchange located within the European Union or in any 

other European Economic Area state, or, in the case of a company 

resident in the United States, on a recognized stock exchange located in 

another state that is a party to the North American Free Trade 

Agreement); or 

B) the company’s primary place of management and control is in the 

Contracting State of which it is a resident; or 

ii) at least 50 percent of the aggregate voting power and value of the shares 

(and at least 50 percent of any disproportionate class of shares) in the company 

are owned directly or indirectly by five or fewer companies entitled to benefits 

under clause i) of this subparagraph, provided that, in the case of indirect 

ownership, each intermediate owner is a resident of either Contracting State; 

d) a person described in paragraph 3 of Article 4 (Resident), provided that, in the 

case of a person described in subparagraph a) of that paragraph, either: 

i) more than 50 percent of the person’s beneficiaries, members or 

participants are individuals resident in either Contracting State; or 

ii) the organization sponsoring such person is entitled to the benefits of this 

Convention pursuant to this Article; or 

e) a person other than an individual, if: 

i) on at least half the days of the taxable year at least 50 percent of each 

class of shares or other beneficial interests in the person is owned, directly or 

indirectly, by residents of the Contracting State of which that person is a resident 

that are entitled to the benefits of this Convention under subparagraph a), 

subparagraph b), clause i) of subparagraph c), or subparagraph d) of this 

paragraph; and 

ii) less than 50 percent of the person's gross income for the taxable year, as 

determined in the person's State of residence, is paid or accrued, directly or 

indirectly, to persons who are not residents of either Contracting State entitled to 
 30

the benefits of this Convention under subparagraph a), subparagraph b), clause i) 

of subparagraph c), or subparagraph d) of this paragraph in the form of payments 

that are deductible for purposes of the taxes covered by this Convention in the 

person's State of residence (but not including arm's length payments in the 

ordinary course of business for services or tangible property and payments in 

respect of financial obligations to a bank that is not related to the payor). 

3. A company that is a resident of a Contracting State shall also be entitled to the benefits 

of the Convention if: 

a) at least 95 percent of the aggregate voting power and value of its shares (and at 

least 50 percent of any disproportionate class of shares) is owned, directly or indirectly, 

by seven or fewer persons that are equivalent beneficiaries; and 

b) less than 50 percent of the company’s gross income, as determined in the 

company's State of residence, for the taxable year is paid or accrued, directly or 

indirectly, to persons who are not equivalent beneficiaries, in the form of payments (but 

not including arm's length payments in the ordinary course of business for services or 

tangible property and payments in respect of financial obligations to a bank that is not 

related to the payor), that are deductible for the purposes of the taxes covered by this 

Convention in the company's State of residence. 

4. a) A resident of a Contracting State will be entitled to benefits of the Convention 

with respect to an item of income derived from the other Contracting State, regardless of 

whether the resident is entitled to benefits under paragraph 2 or 3, if the resident is 

engaged in the active conduct of a trade or business in the first-mentioned State (other 

than the business of making or managing investments for the resident’s own account, 

unless these activities are banking, insurance, or securities activities carried on by a 

bank, insurance company or registered securities dealer), and the income derived from 

the other Contracting State is derived in connection with, or is incidental to, that trade or 

business. 

b) If a resident of a Contracting State or any of its associated enterprises carries on a 

trade or business activity in the other Contracting State which gives rise to an item of 
 31

income, subparagraph a) of this paragraph shall apply to such item only if the trade or 

business activity in the first-mentioned State is substantial in relation to the trade or 

business activity in the other State. Whether a trade or business activity is substantial for 

purposes of this paragraph will be determined based on all the facts and circumstances. 

c) In determining whether a person is "engaged in the active conduct of a trade or 

business" in a Contracting State under subparagraph a) of this paragraph, activities 

conducted by persons connected to such person shall be deemed to be conducted by 

such person. A person shall be connected to another if one possesses at least 50 percent 

of the beneficial interest in the other (or, in the case of a company, at least 50 percent of 

the aggregate voting power and at least 50 percent of the aggregate value of the shares in 

the company or of the beneficial equity interest in the company) or another person 

possesses, directly or indirectly, at least 50 percent of the beneficial interest (or, in the 

case of a company, at least 50 percent of the aggregate voting power and at least 50 

percent of the aggregate value of the shares in the company or of the beneficial equity 

interest in the company) in each person. In any case, a person shall be considered to be 

connected to another if, based on all the relevant facts and circumstances, one has 

control of the other or both are under the control of the same person or persons. 

5. A person that is a resident of a Contracting State and functions as a headquarters 

company for a multinational corporate group shall also be entitled to all the benefits of this 

Convention otherwise accorded to residents of that Contracting State if that person satisfies any 

other specified conditions for the obtaining of such benefits. A person shall be considered a 

headquarters company for this purpose only if: 

 a) it provides a substantial portion of the overall supervision and administration of 

the group, which may include, but cannot be principally, group financing; 

 b) the corporate group consists of companies which are resident in, and engaged in 

an active business in, at least five countries, and the business activities carried on in 

each of the five countries (or five groupings of countries) generate at least 10 percent of 

the gross income of the group; 
 32

 c) the business activities carried on in any one country other than the State of 

residence of the headquarters company generate less than 50 percent of the gross income 

of the group; 

 d) no more than 25 percent of its gross income is derived from the other State; 

 e) it has, and exercises, independent discretionary authority to carry out the 

functions referred to in subparagraph a); 

 f) it is subject to the same income taxation rules in its country of residence as 

persons described in paragraph 4; and 

 g) the income derived in the other State either is derived in connection with, or is 

incidental to, the active business referred to in subparagraph b). 

If the gross income requirements of subparagraphs b), c), or d) of this paragraph are not 

fulfilled, they will be deemed to be fulfilled if the required ratios are met when averaging the 

gross income of the preceding four years. 

6. Notwithstanding the preceding provisions of this Article, where an enterprise of 

Belgium derives interest, or royalties from the United States, and the income consisting of such 

interest, or royalties is exempt from taxation in Belgium because it is attributable to a 

permanent establishment which that enterprise has in a third state, the tax benefits that would 

otherwise apply under the other provisions of the Convention will not apply to such income if 

the tax that is actually paid with respect to such income in the third state is less than 60 percent 

of the tax that would have been payable in Belgium if the income were earned in Belgium by 

the enterprise and were not attributable to the permanent establishment in the third state. Any 

interest or royalties to which the provisions of this paragraph apply may be taxed in the United 

States at a rate that shall not exceed 15 percent of the gross amount thereof. The provisions of 

this paragraph shall not apply if: 

a) in the case of interest, as defined in Article 11 (Interest), the income from the 

United States is derived in connection with, or is incidental to, the active conduct of a 

trade or business carried on by the permanent establishment in the third state (other than 

the business of making, managing, or simply holding investments for the enterprise’s 

own account, unless these activities are banking, or securities activities carried on by a 
 33

bank, or registered securities dealer); or 

b) in the case of royalties, as defined in Article 12 (Royalties), the royalties are 

received as compensation for the use of, or the right to use, intangible property produced 

or developed by the permanent establishment itself. 

7. A resident of a Contracting State that is not entitled to benefits pursuant to the preceding 

paragraphs of this Article shall, nevertheless, be granted benefits of the Convention if the 

competent authority of the other Contracting State determines that the establishment, 

acquisition, or maintenance of such person and the conduct of its operations did not have as one 

of its principal purposes the obtaining of benefits under the Convention. The competent 

authority of the other Contracting State shall consult with the competent authority of the firstmentioned State before denying the benefits of the Convention under this paragraph. 

8. For the purposes of this Article: 

a) the term "principal class of shares" means the ordinary or common shares of the 

company, provided that such class of shares represents the majority of the voting power 

and value of the company. If no single class of ordinary or common shares represents 

the majority of the aggregate voting power and value of the company, the "principal 

class of shares" are those classes that in the aggregate represent a majority of the 

aggregate voting power and value of the company; 

b) the term "disproportionate class of shares" means any class of shares of a 

company resident in a Contracting State that entitles the shareholder to 

disproportionately higher participation, through dividends, redemption payments, or 

otherwise, in the earnings generated in the other Contracting State by particular assets or 

activities of the company when compared to its participation in overall assets or 

activities of such company; 

c) the term "shares" shall include depository receipts thereof; 

d) the term "recognized stock exchange" means: 

i) the NASDAQ System owned by the National Association of Securities 

Dealers, Inc. and any stock exchange registered with the U.S. Securities and 

Exchange Commission as a national securities exchange under the U.S. 
 34

Securities Exchange Act of 1934; 

ii) the Brussels Stock Exchange; 

iii) the Irish Stock Exchange and the stock exchanges of Amsterdam, 

Frankfurt, Hamburg, Lisbon, London, Madrid, Milan, Paris, Toronto and Zurich; 

and 

iv) any other stock exchanges agreed upon by the competent authorities of 

the Contracting States; 

e) a class of shares is considered to be regularly traded on one or more recognized 

stock exchanges in a taxable year if the aggregate number of shares of that class traded 

on such stock exchange or exchanges during the preceding taxable year is at least 6 

percent of the average number of shares outstanding in that class during that preceding 

taxable year; 

f) a company’s primary place of management and control will be in the 

Contracting State of which it is a resident only if executive officers and senior 

management employees exercise day-to-day responsibility for more of the strategic, 

financial, and operational policy decision making for the company (including its direct 

and indirect subsidiaries) in that State than in any other state, and the staffs conduct 

more of the day-to-day activities necessary for preparing and making those decisions in 

that State than in any other state; 

g) the term "equivalent beneficiary" means a resident of a member state of the 

European Union or of any other European Economic Area state or of a party to the 

North American Free Trade Agreement, or of Switzerland, but only if that resident: 

i) A) would be entitled to all the benefits of a comprehensive tax 

convention between any member state of the European Union or any 

other European Economic Area state or any party to the North American 

Free Trade Agreement, or Switzerland, and the State from which the 

benefits of this Convention are claimed under provisions analogous to 

subparagraph a), subparagraph b), clause i) of subparagraph c) or 

subparagraph d) of paragraph 2, provided that if such convention does 
 35

not contain a comprehensive limitation on benefits provision, the 

resident would be entitled to the benefits of this Convention by reason of 

subparagraph a), subparagraph b), clause i) of subparagraph c), or 

subparagraph d) of paragraph 2 if such person were a resident of one of 

the Contracting States under Article 4 (Resident); and 

B) with respect to insurance premiums and to income referred to in 

Article 10 (Dividends), 11 (Interest), or 12 (Royalties), would be entitled 

under such convention to a rate of tax with respect to the item of income 

for which benefits are being claimed under this Convention that is at 

least as low as the rate applicable under this Convention; or 

ii) is a resident of a Contracting State that is entitled to the benefits of this 

Convention by reason of subparagraph a), subparagraph b), clause i) of 

subparagraph c), or subparagraph d) of paragraph 2; 

h) with respect to dividends, interest, or royalties arising in Belgium and 

beneficially owned by a company that is a resident of the United States, a company that 

is a resident of a member state of the European Union will be treated as satisfying the 

requirements of subparagraph g) i) B) for purposes of determining whether such United 

States resident is entitled to the benefits of the Convention under this paragraph if a 

payment of dividends, interest, or royalties arising in Belgium and paid directly to such 

resident of a member state of the European Union would have been exempt from tax 

pursuant to any directive of the European Union, notwithstanding that the tax 

convention between Belgium and that other member state of the European Union would 

provide for a higher rate of tax with respect to such payment than the rate of tax 

applicable to such United States company under Article 10, 11, or 12. 

Article 22 

RELIEF FROM DOUBLE TAXATION

1. In the case of Belgium, double taxation will be relieved as follows: 

a) Where a resident of Belgium derives income, other than dividends, interest and 
 36

royalties, which is taxed in the United States in accordance with the provisions of this 

Convention, Belgium shall exempt such income from tax but may, in calculating the 

amount of tax on the remainder of the income of that resident, apply the rate of tax 

which would have been applicable if such income had not been exempted. 

b) The exemption provided by subparagraph a) shall also be granted with respect to 

income treated as dividends under Belgian law, which is derived by a resident of 

Belgium from a participation in an entity that derives its status as such from the laws of 

the United States or any state thereof, where that entity has not been taxed as a 

corporation by the United States, provided that the resident of Belgium has been taxed 

by the United States, proportionally to his participation in such entity, on the income out 

of which the income treated as dividends under Belgian law is paid. The exempted 

income is the income received after deduction of the costs incurred in Belgium or 

elsewhere in relation to the management of the participation in the entity. 

c) Dividends derived by a company which is a resident of Belgium from a company 

which is a resident of the United States, shall be exempt from the corporate income tax 

in Belgium to the extent that exemption would have been accorded if the two companies 

had been residents of Belgium. 

d) Where dividends described in subparagraph c) are not exempted from the 

corporate income tax in Belgium, Belgium shall deduct from the corporate income tax 

relating to these dividends, the United States tax levied on these dividends in 

accordance with Article 10 (Dividends). This deduction shall not exceed that part of the 

corporate income tax which is proportionally relating to these dividends. 

e) Subject to the provisions of Belgian law regarding the deduction from Belgian 

tax of taxes paid abroad, where a resident of Belgium derives items of his aggregate 

income for Belgian tax purposes which are interest or royalties, the United States tax 

levied on that income shall be allowed as a credit against Belgian tax relating to such 

income. 

f) Where, in accordance with Belgian law, losses incurred by an enterprise carried 

on by a resident of Belgium in a permanent establishment situated in the United States, 
 37

have been effectively deducted from the profits of that enterprise for its taxation in 

Belgium, the exemption provided for in subparagraph a) shall not apply in Belgium to 

the profits of other taxable periods attributable to that establishment to the extent that 

those profits have also been exempted from tax in the United States by reason of 

compensation for the said losses. 

2. In accordance with the provisions and subject to the limitations of the law of the United 

States (as it may be amended from time to time without changing the general principle hereof), 

the United States shall allow to a resident or citizen of the United States as a credit against the 

United States tax on income applicable to residents and citizens: 

a) the income tax paid or accrued to Belgium by or on behalf of such resident or 

citizen; and 

b) in the case of a United States company owning at least 10 percent of the voting 

stock of a company that is a resident of Belgium and from which the United States 

company receives dividends, the income tax paid or accrued to Belgium by or on behalf 

of the payer with respect to the profits out of which the dividends are paid. 

For the purposes of this paragraph, the taxes referred to in paragraphs 3 a) and 4 of Article 2 

(Taxes Covered) shall be considered income taxes. 

3. For the purposes of applying paragraph 2 of this Article, an item of gross income, as 

determined under the laws of the United States, derived by a resident of the United States that, 

under this Convention, may be taxed in Belgium shall be deemed to be income from sources in 

Belgium. 

4. Where a resident of Belgium is also a citizen or a former citizen or former long-term 

resident of the United States and is subject to United States tax in accordance with paragraph 4 

of Article 1 (General Scope), the following rules shall apply: 

a) taxation by the United States of the income of such persons shall not affect the 

taxation in Belgium of income from sources arising in third countries, as determined 

under the laws of Belgium, and received by a resident of Belgium; 

b) in the case of income from sources within the United States, Belgium shall apply 

paragraph 1 as if the tax paid to the United States in respect of such income were the tax 
 38

that would have been paid to the United States if the resident were not a citizen or a 

former citizen or a former long-term resident of the United States; 

c) for purposes of applying paragraph 2 to compute United States tax on those 

items of income referred to in subparagraph b), the United States shall allow as a credit 

against United States tax the income tax paid to Belgium in accordance with 

subparagraph b); the credit so allowed shall not reduce the amount of the United States 

tax below the amount that is taken into account in applying subparagraph b); and 

d) for the exclusive purpose of relieving double taxation in the United States under 

subparagraph c), items of income referred to in subparagraph b) shall be deemed to arise 

in Belgium to the extent necessary to avoid double taxation of such income under 

subparagraph c). 

Article 23 

NON-DISCRIMINATION

1. Nationals of a Contracting State shall not be subjected in the other Contracting State to 

any taxation or any requirement connected therewith that is more burdensome than the taxation 

and connected requirements to which nationals of that other State in the same circumstances, in 

particular with respect to residence, are or may be subjected. This provision shall also apply to 

persons who are not residents of one or both of the Contracting States. However, for the 

purposes of United States taxation, United States nationals who are subject to tax on a 

worldwide basis are not in the same circumstances as nationals of Belgium who are not 

residents of the United States. 

2. The taxation on a permanent establishment that an enterprise of a Contracting State has 

in the other Contracting State shall not be less favorably levied in that other State than the 

taxation levied on enterprises of that other State carrying on the same activities. 

3. The provisions of paragraphs 1 and 2 shall not be construed as obliging a Contracting 

State to grant to residents of the other Contracting State any personal allowances, reliefs, and 

reductions for taxation purposes on account of civil status or family responsibilities that it 

grants to its own residents. 
 39

4. Except where the provisions of paragraph 1 of Article 9 (Associated Enterprises), 

paragraph 6 of Article 11 (Interest), or paragraph 4 of Article 12 (Royalties) apply, interest, 

royalties, and other disbursements paid by a resident of a Contracting State to a resident of the 

other Contracting State shall, for the purpose of determining the taxable profits of the first-mentioned resident, be deductible under the same conditions as if they had been paid to a resident of 

the first-mentioned State. Similarly, any debts of a resident of a Contracting State to a resident 

of the other Contracting State shall, for the purpose of determining the taxable capital of the 

first-mentioned resident, be deductible under the same conditions as if they had been contracted 

to a resident of the first-mentioned State. 

5. Enterprises of a Contracting State, the capital of which is wholly or partly owned or 

controlled, directly or indirectly, by one or more residents of the other Contracting State, shall 

not be subjected in the first-mentioned State to any taxation or any requirement connected 

therewith that is more burdensome than the taxation and connected requirements to which other 

similar enterprises of the first-mentioned State are or may be subjected. 

6. Nothing in this Article shall be construed as preventing either Contracting State from 

imposing a tax as described in paragraph 10 of Article 10 (Dividends). 

7. The provisions of this Article shall, notwithstanding the provisions of Article 2 (Taxes 

Covered), apply to taxes of every kind and description imposed by a Contracting State or a 

political subdivision or local authority thereof. 

Article 24

MUTUAL AGREEMENT PROCEDURE

1. Where a person considers that the actions of one or both of the Contracting States result 

or will result for such person in taxation not in accordance with the provisions of this 

Convention, it may, irrespective of the remedies provided by the domestic law of those States, 

and the time limits prescribed in such laws for presenting claims for refund, present its case to 

the competent authority of either Contracting State. The case must be presented within three 

years from the first notification of the action resulting in taxation not in accordance with the 

provisions of the Convention. 
 40

2. The competent authority shall endeavor, if the objection appears to it to be justified and 

if it is not itself able to arrive at a satisfactory solution, to resolve the case by mutual agreement 

with the competent authority of the other Contracting State, with a view to the avoidance of 

taxation which is not in accordance with the Convention. Collection procedures shall be 

suspended during the period that any mutual agreement proceeding is pending. 

3. The competent authorities of the Contracting States shall endeavor to resolve by mutual 

agreement any difficulties or doubts arising as to the interpretation or application of the 

Convention. In particular the competent authorities of the Contracting States may agree: 

a) to the same attribution of income, deductions, credits, or allowances of an 

enterprise of a Contracting State to its permanent establishment situated in the other 

Contracting State; 

b) to the same attribution of income, deductions, credits, or allowances between 

permanent establishments of an enterprise where the permanent establishments are 

located in the Contracting States, whether or not the enterprise is an enterprise of a 

Contracting State; 

c) to the same allocation of income, deductions, credits, or allowances between 

persons; 

d) to the settlement of conflicting application of the Convention, including conflicts 

regarding: 

i) the characterization of particular items of income; 

ii) the characterization of persons; 

iii) the application of source rules with respect to particular items of income; 

iv) the same meaning of any term used in the Convention; 

e) to advance pricing arrangements; and 

f) to the application of the provisions of domestic law regarding penalties, fines, 

and interest in a manner consistent with the purposes of the Convention. 

4. To the extent necessary to facilitate the resolution of a case that is the subject of a 

mutual agreement proceeding under the preceding paragraphs, the tax authorities of each 

Contracting State shall have the power to ask any person who may have relevant information 
 41

for the disclosure of such information and to conduct investigations and hearings 

notwithstanding any time limits in their domestic tax laws that would otherwise bar such 

requests for information. Any agreement reached under this Article shall be implemented 

notwithstanding any time limits or other procedural limitations in the domestic law of the 

Contracting States. 

5. The competent authorities of the Contracting States may agree on administrative 

measures necessary to carry out the provisions of the Convention and particularly on the 

documentation to be furnished by a resident of a Contracting State in order to support its claim 

for the exemptions or reductions of tax provided for in the Convention.

6. The competent authorities of the Contracting States may communicate with each other 

directly, including through a joint commission, for the purpose of reaching an agreement in the 

sense of the preceding paragraphs. 

7. Where, pursuant to a mutual agreement procedure under this Article, the competent 

authorities have endeavored but are unable to reach a complete agreement in a case, the case 

shall be resolved through arbitration conducted in the manner prescribed by, and subject to, the 

requirements of paragraph 8 and any rules or procedures agreed upon by the Contracting States, 

if: 

a) tax returns have been filed with at least one of the Contracting States with 

respect to the taxable years at issue in the case; 

b) the case is not a particular case that the competent authorities agree, before the 

date on which arbitration proceedings would otherwise have begun, is not suitable for 

determination by arbitration; and 

c) all concerned persons agree according to the provisions of subparagraph d) of 

paragraph 8. 

8. For the purposes of paragraph 7 and this paragraph, the following rules and definitions 

shall apply: 

a) the term “concerned person” means the presenter of a case to a competent 

authority for consideration under this Article and all other persons, if any, whose tax 

liability to either Contracting State may be directly affected by a mutual agreement 
 42

arising from that consideration; 

b) the “commencement date” for a case is the earliest date on which the 

information necessary to undertake substantive consideration for a mutual agreement 

has been received by both competent authorities; 

c) arbitration proceedings in a case shall begin on the later of: 

i) two years after the commencement date of that case, unless both 

competent authorities have previously agreed to a different date, and 

ii) the earliest date upon which the agreement required by subparagraph d) 

has been received by both competent authorities; 

d) the concerned person(s), and their authorized representatives or agents, must 

agree prior to the beginning of arbitration proceedings not to disclose to any other 

person any information received during the course of the arbitration proceeding from 

either Contracting State or the arbitration board, other than the determination of such 

board; 

e) unless any concerned person does not accept the determination of an arbitration 

board, the determination shall constitute a resolution by mutual agreement under this 

Article and shall be binding on both Contracting States with respect to that case; and 

f) for purposes of an arbitration proceeding under paragraph 7 and this paragraph, 

the members of the arbitration board and their staffs shall be considered "persons or 

authorities" to whom information may be disclosed under Article 25 (Exchange of 

Information and Administrative Assistance) of the Convention. 

Article 25

EXCHANGE OF INFORMATION AND ADMINISTRATIVE ASSISTANCE

1. The competent authorities of the Contracting States shall exchange such information as 

may be relevant for carrying out the provisions of this Convention or of the domestic laws of the 

Contracting States concerning the taxes covered by the Convention insofar as the taxation 

thereunder is not contrary to the Convention, including information relating to the assessment or 

collection of, the enforcement or prosecution in respect of, or the determination of appeals in 
 43

relation to, the taxes covered by the Convention. The exchange of information is not restricted 

by paragraph 1 of Article 1 (General Scope). 

2. Any information received under this Article by a Contracting State shall be treated as 

secret in the same manner as information obtained under the domestic laws of that State and 

shall be disclosed only to persons or authorities (including courts and administrative bodies) 

involved in the assessment, collection, or administration of, the enforcement or prosecution in 

respect of, or the determination of appeals in relation to, the taxes referred to above, or the 

oversight of the above. Such persons or authorities shall use the information only for such 

purposes. They may disclose the information in public court proceedings or in judicial 

decisions. 

3. In no case shall the provisions of the preceding paragraphs be construed so as to impose 

on a Contracting State the obligation: 

a) to carry out administrative measures at variance with the laws and administrative 

practice of that or of the other Contracting State; 

b) to supply information that is not obtainable under the laws or in the normal 

course of the administration of that or of the other Contracting State; 

c) to supply information that would disclose any trade, business, industrial, 

commercial, or professional secret or trade process, or information the disclosure of 

which would be contrary to public policy (ordre public). 

4. If information is requested by a Contracting State in accordance with this Article, the 

other Contracting State shall use its information gathering measures to obtain the requested 

information, even though that other State may not need such information for its own purposes. 

The obligation contained in the preceding sentence is subject to the limitations of paragraph 3 

but in no case shall such limitations be construed to permit a Contracting State to decline to 

supply information because it has no domestic interest in such information. 

5. In no case shall the provisions of paragraph 3 be construed to permit a Contracting State 

to decline to supply information requested by the other Contracting State because the 

information is held by a bank, other financial institution, nominee or person acting in an agency 

or a fiduciary capacity or because it relates to ownership interests in a person. In order to obtain 
 44

such information the tax administration of the requested Contracting State shall have the power 

to ask for the disclosure of information and to conduct investigations and hearings 

notwithstanding any contrary provisions in its domestic tax laws. 

6. Notwithstanding paragraph 3, in order to obtain information requested within the 

framework of this Article, the tax administration of the requested Contracting State shall have 

the power to ask for the disclosure of information and to conduct investigations and hearings 

outside any time limits required in its domestic tax laws. 

7. Penalties provided by the domestic laws of the requested State for a person failing to 

give information relevant for carrying out its domestic tax laws shall apply as if the obligation to 

give information provided in paragraphs 5 or 6 was an obligation provided in the domestic tax 

laws of the requested State. 

8. Where a person refuses to give information requested within the framework of this 

Article or fails to give such information within the time required by the tax administration of 

the requested State, the requested State may bring appropriate enforcement proceedings against 

such person. Such enforcement proceedings include, but are not limited to, summary summons 

enforcement proceedings in the case of the United States and summary proceedings (procédure 

en référé/procedure in kortgeding) in the case of Belgium. Such person may be compelled to 

give such information under pain of such civil or criminal penalties as may be available under 

the laws of the requested State. 

9. If specifically requested by the competent authority of a Contracting State, the 

competent authority of the other Contracting State shall provide information under this Article 

in the form of depositions of witnesses and authenticated copies of unedited original documents 

(including books, papers, statements, records, accounts, and writings). 

10. The requested State shall allow representatives of the requesting State to enter the 

requested State to interview individuals and examine books and records. Such interview or 

examination shall take place under the conditions and within the limits agreed upon by the 

competent authorities of both Contracting States. 
 45

11. The competent authorities of the Contracting States shall agree upon the mode of 

application of this Article, including agreement to ensure comparable levels of assistance to 

each of the Contracting States. 

12. If the United States terminates paragraph 3 of Article 10 (Dividends) in accordance with 

paragraph 12 of Article 10, Belgium’s obligations pursuant to paragraph 5 shall cease as of the 

date that paragraph 3 of Article 10 is no longer effective. 

Article 26 

ASSISTANCE IN COLLECTION 

1. Each of the Contracting States shall endeavor to collect on behalf of the other 

Contracting State such taxes imposed by that other Contracting State as will ensure that any 

exemption or reduced rate of tax granted under this Convention by that other Contracting State 

shall not be enjoyed by persons not entitled to such benefits. 

2. In no case shall this Article be construed so as to impose upon a Contracting State the 

obligation to carry out administrative measures at variance with the regulations and practices of 

either Contracting State or which would be contrary to the first-mentioned Contracting State's 

sovereignty, security, or public policy. 

Article 27

MEMBERS OF DIPLOMATIC MISSIONS AND CONSULAR POSTS

Nothing in this Convention shall affect the fiscal privileges of members of diplomatic missions 

or consular posts under the general rules of international law or under the provisions of special 

agreements. 

Article 28

ENTRY INTO FORCE 

1. This Convention shall be subject to ratification in accordance with the applicable 

procedures of each Contracting State. Each Contracting State shall notify the other through the 
 46

diplomatic channel, accompanied by an instrument of ratification, when it has completed the 

required procedures. 

2. The Convention shall enter into force on the date on which the later of the notifications 

is received, and its provisions shall have effect: 

a) in respect of taxes withheld at source, for amounts paid or credited on or after 

the first day of the second month next following the date on which the Convention 

enters into force; 

b) in respect of other taxes, for taxable periods beginning on or after the first day of 

January next following the date on which the Convention enters into force. 

3. Subparagraph f) of paragraph 5 of Article 21 (Limitation on Benefits) shall not have 

effect until January 1, 2011. 

4. The Convention between the United States of America and the Kingdom of Belgium for 

the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with Respect to Taxes 

on Income, signed at Brussels on July 9, 1970, as modified by a Supplementary Protocol (the 

“prior Convention”), shall, in relation to any tax, cease to have effect as of the date on which 

this Convention has effect with respect to such tax in accordance with paragraphs 2 and 6 of 

this Article. 

5. Notwithstanding the preceding paragraph, where any person entitled to benefits under 

the prior Convention would have been entitled to greater benefits thereunder than under this 

Convention, the prior Convention shall, at the election of such person, continue to have effect 

in its entirety with respect to such person for a twelve-month period from the date on which the 

provisions of this Convention would have effect under paragraph 2 of this Article. 

6. Notwithstanding paragraphs 2 and 5, the provisions of Article 25 (Exchange of 

Information and Administrative Assistance) shall have effect from the date of entry into force 

of the Convention, without regard to the taxable period to which the matter relates. 

7. Notwithstanding paragraph 2, paragraphs 7 and 8 of Article 24 (Mutual Agreement 

Procedure) shall have effect, with respect to, and without regard to the taxable period to which 

the particular case relates: 
 47

a) cases that are under consideration by the competent authorities as of the date on 

which this Convention enters into force; and 

b) cases that come under such consideration after such time, 

and the commencement date for a case described in subparagraph a) of this paragraph shall be 

the date on which this Convention enters into force. 

Article 29 

TERMINATION

This Convention shall remain in force until terminated by a Contracting State. Either 

Contracting State may terminate the Convention at any time after 5 years from the date on 

which this Convention enters into force by giving notice of termination to the other Contracting 

State through diplomatic channels. In such event, the Convention shall cease to have effect: 

a) in respect of taxes withheld at source, for amounts paid or credited after the 

expiration of the 6-month period beginning on the date on which notice of termination 

was given; and 

b) in respect of other taxes, for taxable periods beginning on or after the expiration 

of the 6-month period beginning on the date on which notice of termination was given. 

IN WITNESS WHEREOF, the undersigned, being duly authorized thereto by their 

respective Governments, have signed this Convention. 

DONE at Brussels, in duplicate, in the English language, this twenty-seventh day of 

November, 2006. 

FOR THE GOVERNMENT OF FOR THE GOVERNMENT OF 

THE UNITED STATES OF AMERICA: THE KINGDOM OF BELGIUM: