DT8015 - DT: Germany, Federal Republic: double taxation agreement, Article 16: Capital

(1) Capital represented by immovable property as defined in paragraph (2) of Article 12 may be taxed in the territory in which such property is situated.

(2) Subject to the provisions of paragraph (1) of this Article, capital represented by assets forming part of the business property employed in a permanent establishment of an enterprise, or by assets pertaining to a fixed base used for the performance of professional services, may be taxed in the territory in which the permanent establishment or fixed base is situated.

(3) Ships and aircraft operated in international traffic and assets, other than immovable property, pertaining to the operation of such ships and aircraft may be subjected to tax only in the territory in which the place of effective management of the enterprise is situated.

(4) All other elements of capital of a resident of one of the territories may be subjected to tax only in that territory.