yakdoli/chandra-27b-ocr-v1 huggingface dataset:
제17262호                           관               보             2010. 5.24. (월요일)
 aforesaid, the profits of the enterprise may be taxed in the other State but only so
 much of them as is 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 which it might be expected to make if it were a distinct
 and separate enterprise engaged in the same or similar activities under the same or
 similar conditions and dealing wholly independently with the enterprise of which it is a
 permanent establishment.
3. In determining the profits of a permanent establishment, there shall be allowed
 as deductions expenses which are incurred for the purposes of the permanent
 establishment (including a reasonable allocation of executive and general administrative
 expenses so incurred) and which would be deductible if the permanent establishment
 were an independent entity which paid those expenses whether incurred in the
 Contracting 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.
6. Where profits include items of income which are dealt with separately in other Articles
 of this Convention, then the provisions of those Articles shall not be affected by the
 provisions of this Article.
                                          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. The provisions of paragraph 1 shall also apply to profits from the 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

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제17262호                         관             보                 2010. 5.24. (월요일)
   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 which differ from those which would be made between
 independent enterprises, then any profits which would, but for those conditions, 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 profits so included are profits which
 would have accrued to the enterprise of the first-mentioned State if the conditions
 made between the two enterprises had been those which 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.
                                        Article 10
                                        DIVIDENDS
1. Dividends paid by a company which 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 beneficial owner of the dividends is a resident of the other Contracting State,
 the tax so charged shall not exceed:
 a) 5 per cent of the gross amount of the dividends if the beneficial owner is a company
   (other than a partnership) which holds directly at least 25 per cent of the capital of
   the company paying the dividends;
 b) 10 per cent of the gross amount of the dividends in all other cases.
 This paragraph shall not affect the taxation of the company in respect of the profits
 out of which the dividends are paid.
3. The term “dividends” as used in this Article means income from shares or other
 rights, not being debt-claims, participating in profits, as well as income from other
 rights, including corporate rights, which is subjected to the same taxation treatment
 as income from shares by the laws of the State of which the company making the

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제17262호                          관              보                 2010. 5.24. (월요일)
 distribution is a resident.
4. The provisions of paragraphs 1 and 2 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 company paying the dividends is a resident, through a
 permanent establishment situated therein, or performs in that other State independent
 personal services from a fixed base situated therein, and the holding in respect of
 which the dividends are paid is effectively connected with such permanent establishment
 or fixed base. In such case the provisions of Article 7 or Article 14, as the case may
 be, shall apply.
5. Where a company which is a resident of a Contracting State derives profits or income
 from the other Contracting State, that other State may not impose any tax on the
 dividends paid by the company, except insofar as such dividends are paid to a resident
 of that other State or insofar as the holding in respect of which the dividends are paid
 is effectively connected with a permanent establishment or a fixed base situated in that
 other State, nor subject the company’s undistributed profits to a tax on the company’
 s undistributed profits, even if the dividends paid or the undistributed profits consist
 wholly or partly of profits or income arising in such other State.
                                       Article 11
                                         INTEREST
1. Interest arising in a Contracting State and paid to a resident of the other Contracting
 State may be taxed in that other State.
2. However, such interest may also be taxed in the Contracting State in which it arises
 and according to the laws of that State, but if the beneficial owner of the interest is
 a resident of the other Contracting State, the tax so charged shall not exceed 10 per
 cent of the gross amount of the interest.
3. Notwithstanding the provisions of paragraph 2, interest arising in a Contracting
 State and derived by the Government of the other Contracting State including political
 subdivisions and local authorities thereof, the Central Bank of that other State or any
 financial institution performing functions of a governmental nature or by any resident of
 the other Contracting State with respect to debt-claim guaranteed by the Government
 of that other State including political subdivisions and local authorities thereof, the
 Central Bank of that other State or any financial institution performing functions of a
 governmental nature shall be exempt from tax in the first-mentioned Contracting State.
4. For the purposes of paragraph 3, the terms “the Central Bank” and “financial
 institution performing functions of a governmental nature” mean:

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제17262호                          관             보                2010. 5.24. (월요일)
 a) in the case of Korea:
   (i) the Bank of Korea;
   (ii) the Korea Export-Import Bank;
   (iii) the Korea Development Bank;
   (iv) Korea Export Insurance Corporation; and
   (v) such other financial institution performing functions of a governmental nature
     as may be specified and agreed upon in letters exchanged between the competent
     authorities of the Contracting States.
 b) in the case of Estonia:
   (i) the Bank of Estonia;
   (ii) Estonian Credit and Export Guarantee Fund KredEx; and
   (iii) such other financial institution performing functions of a governmental nature
     as may be specified and agreed upon in letters exchanged between the competent
     authorities of the Contracting States.
5. 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 and prizes attaching to such
 securities, bonds or debentures. The term “interest” shall not include any income which
 is treated as a dividend under the provisions of Article 10. Penalty charges for late
 payment shall not be regarded as interest for the purpose of this Article.
6. The provisions of paragraphs 1 and 2 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, or performs in that other State independent personal services from a
 fixed base situated therein, and the debt-claim in respect of which the interest is paid
 is effectively connected with such permanent establishment or fixed base. In such case
 the provisions of Article 7 or Article 14, as the case may be, shall apply.
7. 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 or
 a fixed base in connection with which the indebtedness on which the interest is paid
 was incurred, and such interest is borne by such permanent establishment or fixed
 base, then such interest shall be deemed to arise in the State in which the permanent
 establishment or fixed base is situated.

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제17262호                          관                보             2010. 5.24. (월요일)
8. 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.
                                         Article 12
                                         ROYALTIES
1. Royalties arising in a Contracting State and paid to a resident of the other
 Contracting State may be taxed in that other State.
2. However, such royalties may also be taxed in the Contracting State in which they arise
 and according to the laws of that State, but if the beneficial owner of the royalties is a
 resident of the other Contracting State, the tax so charged shall not exceed:
 a) 5 per cent of the gross amount of the royalties paid for the use of industrial,
   commercial or scientific equipment;
 b) 10 per cent of the gross amount of the royalties in all other cases.
3. 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 cinematograph films and films or tapes for radio or television
 broadcasting, any patent, trade mark, design or model, plan, secret formula or process,
 or for the use of, or the right to use, industrial, commercial or scientific equipment, or
 for information concerning industrial, commercial or scientific experience.
4. The provisions of paragraphs 1 and 2 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 in which the royalties arise, through a permanent establishment
 situated therein, or performs in that other State independent personal services from a
 fixed base situated therein, and the right or property in respect of which the royalties
 are paid is effectively connected with such permanent establishment or fixed base. In
 such case the provisions of Article 7 or Article 14, as the case may be, shall apply.
5. Royalties shall be deemed to arise in a Contracting State when the payer is a
 resident of that State. Where, however, the person paying the royalties, whether he
 is a resident of a Contracting State or not, has in a Contracting State a permanent
 establishment or a fixed base in connection with which the liability to pay the royalties

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제17262호                         관                보              2010. 5.24. (월요일)
 was incurred, and such royalties are borne by such permanent establishment or fixed
 base, then such royalties shall be deemed to arise in the State in which the permanent
 establishment or fixed base 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 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
                                    CAPITAL GAINS
1. Gains derived by a resident of a Contracting State from the alienation of immovable
 property referred to in Article 6 and situated in the other Contracting State or shares
 in a company the assets of which consist mainly of such property may be taxed in that
 other State.
2. Gains from the alienation of movable property forming part of the business property
 of a permanent establishment which an enterprise of a Contracting State has in the
 other Contracting State or of movable property pertaining to a fixed base available to
 a resident of a Contracting State in the other Contracting State for the purpose of
 performing independent personal services, including such gains from the alienation of
 such a permanent establishment (alone or with the whole enterprise) or of such fixed
 base, may be taxed in that other State.
3. Gains derived by an enterprise of a Contracting State operating ships or aircraft in
 international traffic from the alienation of ships or aircraft operated in international
 traffic or movable property pertaining to the operation of such ships or aircraft shall
 be taxable only in that State.
4. Gains from the alienation of any property other than that referred to in paragraphs
 1, 2 and 3, shall be taxable only in the Contracting State of which the alienator is a
 resident.
                                        Article 14
                        INDEPENDENT PERSONAL SERVICES
1. Income derived by an individual who is a resident of a Contracting State in respect
 of professional services or other activities of an independent character shall be taxable

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제17262호                            관              보            2010. 5.24. (월요일)
 only in that Contracting State. But such income may also be taxed in the other
 Contracting State:
 a) if he has a fixed base regularly available to him in the other Contracting State
   for the purpose of performing his activities; but only so much of the income as is
   attributable to that fixed base;
 b) if his stay in the other Contracting State is for a period or periods exceeding in the
   aggregate 183 days in any twelve-month period; in that case, only so much of the
   income as is derived from his activities performed during the period of his presence
   in that other Contracting State.
2. The term “professional services” includes especially independent scientific, literary,
 artistic, educational or teaching activities as well as the independent activities of
 physicians, lawyers, engineers, architects, dentists and accountants.
                                         Article 15
                          DEPENDENT PERSONAL SERVICES
1. Subject to the provisions of Articles 16, 18, 19, and 21, 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:
 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
   fiscal 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 or a fixed base which
   the employer has in the other State.
3. Notwithstanding the preceding provisions of this Article, remuneration derived in
 respect of an employment exercised aboard a ship or aircraft operated in international
 traffic by an enterprise of a Contracting State shall be taxable only in that State.
                                         Article 16
                                      DIRECTORS’ FEES
 Directors’ fees and other similar payments derived by a resident of a Contracting State

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제17262호                              관                보         2010. 5.24. (월요일)
in his capacity as a member of the board of directors or supervisory board of a company
which is a resident of the other Contracting State may be taxed in that other State.
                                             Article 17
                               ARTISTES AND SPORTSMEN
1. Notwithstanding the provisions of Articles 14 and 15, income derived by a resident
 of a Contracting State as an entertainer, such as a theatre, 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, may be taxed in that other State.
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,
 14 and 15, be taxed in the Contracting State in which the activities of the entertainer
 or sportsman are exercised.
3. Notwithstanding the provisions of paragraphs 1 and 2 of this Article, income derived
 by entertainers or sportsmen who are residents of a Contracting State from the
 activities exercised in the other Contracting State under a special programme of
 cultural exchange agreed upon between the Governments of both Contracting States
 shall be exempt from tax in that other State.
                                             Article 18
                                             PENSIONS
Subject to the provisions of paragraph 2 of Article 19, pensions and other similar
remuneration paid to a resident of a Contracting State in consideration of past
employment shall be taxable only in that State.
                                             Article 19
                                  GOVERNMENT SERVICE
1. a) Salaries, wages and other similar remuneration, other than a pension, paid 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 shall be taxable
 only in that State.
 b) However, such salaries, wages and other similar remuneration 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.

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제17262호                           관              보              2010. 5.24. (월요일)
2. a) Any pension 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 shall be taxable only in that State.
 b) However, such pension 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 15, 16, 17 and 18 shall apply to salaries, wages and other
 similar remuneration, and to pensions, 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.
4. The provisions of paragraphs 1 and 2 shall likewise apply in respect of remuneration
 paid by:
 a) in the case of Korea:
   the Bank of Korea, the Korea Export-Import Bank, the Korea Development Bank, the
   Korea Export Insurance Corporation, the Korea Trade Investment Promotion Agency
   and other institutions performing functions of a governmental nature as may be
   specified and agreed upon in letters exchanged between the competent authorities of
   the Contracting States.
 b) in the case of Estonia:
   Bank of Estonia, Estonian Credit and Export Guarantee Fund KredEx and other
   institutions of governmental nature as may be specified and agreed upon in letters
   exchanged between the competent authorities of the Contracting States.
                                        Article 20
                                        STUDENTS
 Payments which a student, an apprentice or a 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 solely for the purpose of his education or training receives
for the purpose of his maintenance, education or training shall not be taxed in that
State, provided that such payments arise from sources outside that State.
                                        Article 21
                            PROFESSORS AND RESEARCHERS
1. An individual who visits a Contracting State for the purpose of teaching or carrying
 out research at a university, college, school, or other similar educational institution
 recognised as non profit organization by the Government of that Contracting State
 and who is or was immediately before that visit a resident of the other Contracting
 State shall be exempted from taxation in the first-mentioned Contracting State on

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