Law No. 25 Of 12 March 1992 On The Ratification Of The Agreement Between The Government Of Romania And The Government Of The Hellenic Republic For The Avoidance Of Double Taxation With Respect To Taxes On Income And Wealth

Original Language Title:  LEGE nr. 25 din 12 martie 1992 privind ratificarea Convenţiei dintre Guvernul României şi Guvernul Republicii Elene pentru evitarea dublei impuneri cu privire la impozitele pe venit şi pe avere

Read the untranslated law here: https://www.global-regulation.com/law/romania/3070179/-lege-nr.-25-din-12-martie-1992-privind-ratificarea-conveniei-dintre-guvernul-romniei-i-guvernul-republicii-elene-pentru-evitarea-dublei-impuneri-cu-p.html

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LAW No. 25 of 12 March 1992 on the ratification of the agreement between the Government of Romania and the Government of the Hellenic Republic for the avoidance of double taxation with respect to taxes on income and wealth published in PARLIAMENT ISSUING the OFFICIAL GAZETTE NR. 46 of 20 March 1992 to ratify the Convention between the Government of Romania and the Government of the Hellenic Republic for the avoidance of double taxation with respect to taxes on income and wealth, signed at Athens on 17 September 1991.


Annex 1 article 1 the Romanian Government and the Government of the Hellenic Republic, in a desire to promote and strengthen the economic relations between the two countries on the basis of respect for national sovereignty and independence, equality, mutual benefit and non-interference in internal affairs, have agreed upon the following: Persons covered this Convention shall apply to persons residents of one or both of the Contracting States.


Article 2 Taxes covered 1. This Convention shall apply to taxes on income and fortune established by a Contracting State or of its administrative-territorial units or local authorities, irrespective of the manner in which they are levied.
2. Are regarded as taxes on income and wealth all taxes imposed on total income, on total wealth times over items of income or wealth including taxes on gains from the alienation of movable property, times and raising taxes on property.
3. the existing taxes to which this Convention shall apply are in particular: a) in the case of Romania: (I) the tax on income of individuals;
(II) the tax on wages and other similar remuneration;
(III) the income tax;
(IV) the tax on income realized by individuals from agricultural activities (hereinafter the Romanian tax);

b) in the case of the Hellenic Republic: (I) the tax on the income and wealth of individuals;
(II) the tax on the income and wealth of legal persons;
(III) contribution to Agency delivery and Drainage of water, calculated on the total income from buildings (hereinafter referred to as the Greek tax);
4. this Convention shall apply also to any identical or substantially similar taxes, which will be established after the date of signature of this Convention and which will add or replace existing taxes.
At the end of each year, the competent authorities of the Contracting States shall notify each other of any substantial changes made to the tax legislation in question.


Article 3 General Definitions 1. For the purposes of this Convention, unless the context otherwise requires: a the term otherwise) Romania Romania and means, used in a geographical sense means the territory of Romania, including its territorial sea, and exclusive economic zone and the continental shelf in regard to which Romania, in accordance with international law and its own law, sovereign rights concerning the exploration and exploitation of natural resources, mineral and sea waters in existing , and in the basement;
  

b) term means the territory of the Republic of Easton of the Hellenic Republic and the part of the seabed and subsoil or from the Mediterranean sea over which the Republic of Helen has sovereign rights in accordance with international law;
  

c) comprises a person physical person, a company, and any other entity;
  

d) Company means any legal person, including a joint venture formed in accordance with the provisions of the legislation of the Contracting State or any entity which is treated as a legal person for tax purposes;
  

(e) the terms enterprise of a) Contracting State and enterprise of the other Contracting State shall indicate, 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;
  

f) terms a Contracting State and the other Contracting State mean Romania or Republic, as the context requires;
  

g) the term international traffic means any transport by an aircraft operated by an enterprise which has its place of effective management in a Contracting State or by a ship which has its place of registration or recording documents in a Contracting State, except when the ship or aircraft operating only between two places in the other Contracting State;
  

(h) the term competent authority) means: (I) in the case of Romania, the Minister of economy and finance or his authorised representative;
(II) in the case of the Hellenic Republic, the Minister of finance or his authorised representative.
2. as regards the application of this Convention by a Contracting State any term not otherwise defined will have if the context does not otherwise require the meaning which it has under the laws of that State concerning the taxes to which this Convention applies.


Article 4 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 subject to tax in that State, by reason of his domicile, residency or registered office or management, by virtue of any other criterion of a similar nature. This term does not include those individuals who are subject to tax in that State in respect only of income from sources in that State or wealth located inside it.
2. When, in accordance with the provisions of paragraph 1 an individual is a resident of both Contracting States, then his status shall be tax as follows: a person will be considered) residence of the Contracting State in which he has a permanent home available to him; If he has a permanent home available to him in both Contracting States, he shall be deemed to be resident of the Contracting State with which his personal and economic ties are closer (Centre of vital interests);
  

b If the Contracting State) in which he has his centre of vital interests cannot be determined, or if he has not a permanent home available to him in either Contracting State, then you will be deemed to be resident of the Contracting State in which he has an habitual abode;
  

(c) if such person lives) in both Contracting States or do not ordinarily lives in any of them, he shall be deemed to be resident of the Contracting State of which he is a national;
  

d) if it the person is a national of both Contracting States, whether or not it is of neither of them, the competent authorities of the Contracting States shall settle the question by mutual agreement.
  

3. When, in accordance with the provisions of paragraph 1 a person other than an individual is resident of both Contracting States, then it is considered a residence of the Contracting State in which is situated the place of his flocks.


Article 5 permanent establishment 1-for the purposes of this Convention, the term permanent establishment indicate a fixed place of business through which the undertaking exercise in whole or in part his work.
2. the term permanent establishment includes especially: a a place of leadership);
  

b) a branch;
  

c) an Office;
  

d) a factory;
  

e) a workshop;
  

f) a mine, a stinky, the extraction of oil or gas, a quarry or any other place of exploitation or exploration of natural resources.
  

3. A building site or construction or installation project constitutes a a permanent establishment only where its duration is longer than 9 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 being stored, exhibited or delivered;
  

c) maintenance of a stock of goods or merchandise belonging to the enterprise solely for the purpose of being processed by another undertaking;
  

d the maintenance of a stable) place of business solely for the purpose of purchasing goods or merchandise or information, for the enterprise; stringe
  

e the maintenance of a stable) place of business solely for the purpose of carrying on, for the enterprise, any other activity of a teaching assistant or auxiliary) the maintenance of a fixed place of business solely for the purpose of carrying out activities combined in the category referred to in sub-paragraphs a)-(e)), provided that the overall activity of the fixed place of business resulting from this combination is of a ancillary or Assistant.
  

g) products or goods belonging to the enterprise and are presented in the context of a fair or temporary exhibitions which are casually sold during the market and delivered immediately after their closure.
  

5. Notwithstanding the provisions of paragraph 1 and 2, when a person-other than an agent of an independent status to whom paragraph 7 applies-is acting on behalf of an enterprise and business in the other Contracting State the entitlement to conclude contracts in the name of the undertaking, that undertaking shall be deemed to have a permanent establishment in that State in respect of any activities which that person performs for the enterprise , unless that person's activities are limited to those mentioned in paragraph 4 which, if exercised through a fixed place of business, do not make this fixed place of business a permanent establishment under the terms of that paragraph.

6. A person whose activity is related to the exploitation or exploration of the sea-bed or its subsoil and natural resources situated in a Contracting State shall be considered an activity that carries on business through a permanent establishment in that State.
7. an enterprise shall not be deemed to have a permanent establishment in a Contracting State through a broker, general Commission agent or any other agent of an independent status, provided that such persons acting in the ordinary course of their business.
8. The fact that a company which is a resident of a Contracting State controls or is controlled by a company which is resident of the other Contracting State, or which carries on its activities to the other Contracting State (whether through a permanent establishment or in another way) is not in itself enough to make one of these company a permanent establishment of the other.


Article 6 income from immovable property 1. Income derived by a resident of a Contracting State from immovable property (including from agriculture or forestry) situated in the other Contracting State may be taxed in that State.
2. the term immovable property shall be defined in accordance with the legislation of the Contracting State in which the goods in question is situated. The term shall include in any case immovable property and for the dead of the agricultural and forestry, rights to which the common law shall apply with regard to land ownership, usufruct of immovable property and rights to variable or fixed payments as consideration for the working of, or the exploitation of mineral deposits, sources and other natural resources of the land; ships, vessels and aircraft shall not be regarded as immovable property.
3. The provisions of paragraph 1 shall apply to income derived from the direct use, letting or use in any other form of immovable property.
4. The provisions of paragraphs 1 and 3 shall also apply to the income from immovable property of an enterprise and income from immovable property used for icebreakers providing personal services.


Article 7 Benefits undertakings 1. The benefits of an enterprise of a Contracting State shall be taxable only in that State unless the enterprise exerts its activity in the other Contracting State through a permanent establishment situated in that State. If the undertaking exercise activity, as mentioned previously, the benefits of the enterprise may be taxed in the other Contracting State but only so much that can be attributed to that permanent establishment.
2. subject to the provisions of paragraph 3, when an enterprise of a Contracting State carries on business in the other Contracting State through a permanent establishment situated in that State, then it is assigned in each Contracting State of that permanent establishment benefits it would have been possible had they constituted a distinct and separate enterprise exercised the same or similar activities in the same or similar conditions and warning full independence with the undertaking whose registered office is permanent.
3. in determining the benefit from a permanent establishment will be awarded as costs incurred for the purposes of the downfalls of the permanent establishment, including Executive and general administrative expenses regardless of the fact that were performed in the other Contracting State or elsewhere.
4. To the extent that in a Contracting State shall be accepted as benefits attributed to a permanent establishment should be determined by the distribution of the benefits of undertaking between her various parts, nothing in paragraph 2 shall not prevent the Contracting State to determine that as usual, the benefits taxed basis of such pa to be taxed; the method of apportionment adopted shall, however, be in such a way as to make the outcome of its concorde with the principles contained in this article.
5. No benefit shall not be attributed to a permanent establishment only of that permanent establishment buy goods or merchandise for the enterprise.
6. For the purposes of the preceding paragraphs, the benefits of permanent headquarters assigned will be determined each year by the same method, except for the case when there are sufficient and valid reasons to proceed otherwise.
7. When the benefits include items of income which are dealt with separately in articles of this Convention, the provisions of those articles shall not be affected by the provisions of this article.


Article 8 1. The benefits obtained from the operation of ships in international traffic shall be taxable only in the Contracting State in which the ships are registered or by which they have documents.
2. The benefits obtained from the operation of aircraft in international traffic shall be taxable only in the Contracting State in which the place of effective management is situated in the enterprise.
3. The provisions of paragraph 2 shall apply, also benefits from the participation in a pool, a joint operation or an international agency.


Article 9 associated enterprises When: a) a 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 of these two situations , or impose conditions between the two enterprises in their commercial or financial relations, which differ from those which would be made between independent enterprises, then any benefits that, if it were, it would not have been obtained but due to those conditions could not be obtained, can be included in the benefits of that enterprise and taxed in consequence.


Article 10 Dividends 1. Dividends paid by a company which is a resident of a Contracting State by 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 in which the company paying the residence, according to the laws of that State, but if the one who they charge is the beneficial owner of the dividends the tax so charged shall not exceed: a) 45 per cent of the gross amount of the dividends if the company that distributes them is residence of Greece , and b) 25 per cent of the gross amount of the dividends if the company that distributes them is residence. The competent authorities of the Contracting States shall determine by mutual agreement the manner of application of these limitations.
  

This paragraph shall not affect the taxation of the company for the proceeds of which the dividends are paid.
3. the term dividends, as used in this article means income from shares, originating from the shares or debt securities, part of a mining party founder or other rights, except for claims that participate in the benefits as well as income from other shares what is subjected to the same taxation treatment as income from shares by the tax law of the Contracting State in which the company making the distribution is 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 revenue-producing activities in the other Contracting State in which the company paying the dividends is a resident, through a permanent establishment situated in that Member State or in the service, using a fixed base situated therein, and the package of shares held in respect of which the dividends are paid is effectively connected with the permanent establishment of this or fixed base. In such cases the provisions of article 362 are applied. 7 or of art. 15.
5. where a company which is a resident of a Contracting State carries out the benefits or income from the other Contracting State, the Contracting State may not charge any tax on the dividends paid by the company, excepţind the situation in which such dividends are paid to a resident of that other State or insofar as the package of shares in respect of which the dividends are effectively connected with a permanent establishment or a fixed base situated in that State or authority over any tax benefits that the company, even if the dividends paid or the undistributed benefits in total or in part, benefits or income originating in that Contracting 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 Contracting State.
2. However, such interest may also be taxed in the Contracting State in which they arise and according to the laws of that State, but if the recipient is the beneficial owner of the interest the tax so charged shall not exceed 10 per cent of the gross amount of the interest. The competent authorities of the Contracting States shall determine by mutual agreement the manner of application of this limitation.
3. the term interest, as used in this article means income from debt-claims of every kind, whether or not mortgage-backed and whether you give or not; to participate in the debtor's profits, and in particular, income from public and effects on income from bonds, including premiums and prizes from decurgind these effects or public bonds. Penalties for late payment shall not be regarded as interest for the purpose of this article.

4. The provisions of paragraphs 1 and 2 shall not apply if the beneficial owner of the interest the resident of a Contracting State, revenue-producing activities in the other Contracting State in which the interest taken birth through a permanent establishment situated therein, or performs in that other Contracting State independent personal services with character using a fixed base situated therein, and the debt if the headings in respect of which interest is paid are effectively connected with such permanent establishment or fixed base. In such cases the provisions of article 362 are applied. 7 or of art. 15.
5. Interest shall be deemed to take birth in that a debtor is that Contracting State, an administrative-territorial unit, a local authority or a resident of that State. When, however, the person paying the interest, whether he is or not residence in a Contracting State, has in a Contracting State a permanent establishment or a fixed base in connection with which the indebtedness was incurred over which interest is charged and such interest shall bear that permanent establishment or fix, then such interest shall be deemed the State take birth in which is situated the permanent establishment or fixed base.
6. When, by reason of the special relations that exist between the borrower and the beneficial owner or between both of them and some other person, the amount of interest, taking into account the debt for which they are paid exceeds the amount which would have been agreed by the debtor and the beneficial owner in the absence of such relationship, the provisions of this article shall apply only to this last mentioned amount. In this case, the excess part of the payments shall remain taxable according to the laws of each Contracting State, due to the other provisions of this Convention.


Article 12 Fees 1. Fees 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 fees may be taxed in the Contracting State in which they arise and according to the laws of that State, but the tax so charged shall not exceed 5 per cent of the amount of fee. The competent authorities of the Contracting States shall by mutual agreement settle the mode of application of this limitation.
3. the term commissions as used in this article means a payment made to a middleman, a general Commission agent or any other person assimilated to such intermediary or agent, by the tax law of the Contracting State in which such payment.
4. The provisions of paragraphs 1 and 2 shall not apply if the beneficial owner of the fee, a resident of a Contracting State has in the other Contracting State in which the permanent establishment of a fee which is linked to the actual work of generating Commission. In such case, the provisions of article 362 are applied. 7.5. The commissions will consider that I take birth in a Contracting State, even when the debtor is that State, an administrative-territorial unit, a local authority or a resident of that State. When, however, the person paying the commissions, whether or not resident in a Contracting State, has in a Contracting State a permanent establishment is linked to the obligation for payment of fees and these fees are borne by that permanent establishment then these commissions will consider that I take birth in the Contracting State in which the permanent establishment is situated.


Article 13 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 recipient is the beneficial owner of the royalties the tax so charged shall not exceed 5 per cent of the gross amount of the royalties paid for the use of, or the right to use any copyright of a literary artistic, scientific, or cinema, including films and films or tapes for television or radio and 7 per cent of the gross amount of the royalties paid for the use or right to use any patent, trade mark, design or model, plan, secret formula or process, as well as for the use of industrial, commercial, or scientific or for information related to industrial cîştigată experience , commercial or scientific. The competent authorities of the Contracting States shall determine by mutual agreement the mode of application of this limitation.
3. The provisions of paragraphs 1 and 2 shall not apply if the beneficial owner of the royalties, a resident of a Contracting State, revenue-producing activities in the other Contracting State in which the royalties taken birth, through a permanent establishment situated therein, or performs in that other Contracting State independent personal services with character using a fixed base situated therein and the right or property in respect of which the royalties are paid is effectively connected with the permanent establishment of this or fixed base. In such cases the provisions of article 362 are applied. 7 or 15, as applicable.
4. It shall be considered as in the charging take birth a Contracting State when the payer is that State, an administrative-territorial unit, a local authority or a resident of that State. When, however, the person paying the royalties, whether he is or not residence in a Contracting State, has in a Contracting State a permanent establishment or a fixed base in connection with which he was born is required to pay royalties and payment of these fees is borne by that permanent establishment or fixed base then these charges will be considered as taken birth in the Contracting State in which the permanent establishment is situated or fixed base.
5. When, because of the special relations that exist between the borrower and the beneficial owner or between both of them and some other person, the amount of fees, taking into account the use of, or the right to use the information for which they are paid, exceeds the amount which would have been agreed upon by the debtor and the beneficial owner in the absence of such relationship, the provisions of this article shall apply only to this last mentioned amount. In this case, the excess part of the payments shall remain taxable according to the laws of each Contracting State, due to the other provisions of this Convention.


Article 14 Earnings from capital Gains 1. derived by a resident of a Contracting State from the alienation of immovable property, as defined in article 1 are. 6, situated in the other Contracting State may be taxed in that Contracting State.
2. gains arising from the disposal 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 personal services of an independent character, including gains arising from the alienation of such a permanent establishment (alone or with the whole enterprise) or of a fixed base in may, imposed other State.
3. gains arising from the alienation of ships or aircraft operated in international traffic and movable goods given to the operation of such ships or aircraft shall be taxable only in the Contracting State in which the result. 8 of this Convention shall be taxable benefits derived from such activities.
4. gains from the alienation of any property other than those referred to in paragraphs 1, 2 and 3, shall be taxable only in the Contracting State of which the alienator is a resident.


Article 15 independent personal Services with character 1. Income derived by a resident of a Contracting State from exercising a profession or other activities of an independent character shall be taxable only in that State except where a resident has a permanent home available to him in the other Contracting State a fixed base for the purpose of the activity or situation in which a resident is present in the other State for a period exceeding 183 days in a year tax or periods totaling 183 days in two consecutive fiscal years. If he has such a fixed base or if you stay above mentioned overstays, the income will be taxed in the other Contracting State but only to the extent that they can be assigned to that fixed base or residence periods.
2. the term includes professions, in particular, independent scientific, literary, artistic, educational or teaching activities as well as the exercise of profession, lawyers, engineers, architects, dentists and accountants.


Article 16 dependent personal services 1-subject. 17, 19 and 20, wages and other similar remuneration, which a resident of a Contracting State receives for an employment shall be taxable only in that State unless this activity is exercised in the other Contracting State. If the employment is exercised in the other Contracting State, the remuneration received from this activity is liable to tax in that State.
2. Notwithstanding the provisions of paragraph 1, remuneration derived by a resident of a Contracting State receives for an employment exercised in the other Contracting State shall be taxable only in the first-mentioned State if: a the recipient) remain in the other State for a period or periods not exceeding in the aggregate 183 days in the fiscal year of the other State, and (b) the remuneration is paid) by an individual or on behalf of a person who committed and which is not residence of the other State, and
  


c) remuneration not borne by a permanent establishment or a fixed base which the binding has in the other State.
  

3. Notwithstanding the preceding provisions of this article, remuneration for employment exercised aboard a ship or aircraft in international traffic may be taxed in the Contracting State in which the benefits of such ships or aircraft, in accordance with the provisions of art. 8. In article 17 the remuneration of Board members or managing directors ' fees and other similar remuneration received by a resident of a Contracting State in his capacity of Member of the Board of Directors of a company resident in the other Contracting State may be taxed in that other State.


Article 18 Artistes and athletes 1. Notwithstanding the provisions of article 4. 15 and 16, income which a resident of a Contracting State as an artist of the theater, motion picture, radio or television and musical interpreters, and athletes they obtain personal activity exercised in the other Contracting State may be taxed in that other State.
2. Where income related to personal activities exercised a professional performances or a sportsperson in its returns but to another person, notwithstanding the provisions of article 4. 7, 15 and 16, that income may be taxed in the Contracting State in which the activities are being carried out shows or sportsman Pro.
3. Income derived from such activities, conducted within the framework of cultural agreements concluded between the Contracting States, are exempt from tax to each other.


Article 19 Pensions subject to the provisions of paragraph 2 of article 9. 20, pensions and other similar remuneration paid to a resident of a Contracting State in respect of an employment exercised in the past, shall be taxable only in that State.


Article 20 public officials 1. a) remuneration, other than a pension paid by a Contracting State, an administrative-territorial unit or a local authority thereof to any individual in respect of services rendered to that State or authority, shall be taxable only in that State.

b) However, such remuneration shall be taxable only in the other Contracting State if the services are rendered in that State and the person 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 any pension paid by) or out of funds created by, a Contracting State, an administrative-territorial unit or a local authority thereof to an individual in respect of services rendered to that State or authority units thereof shall be taxable only in that State.

b) However, such pension shall be taxable only in the other Contracting State if the individual is resident and national of that State.
  

3. the provisions of article 4. 16, 17 and 19 shall apply to remuneration and pensions in respect of services rendered in connection with a revenue-producing activity carried on by a Contracting State, an administrative-territorial unit or a local authority thereof.


Article 21 Teachers 1. Remuneration on which teachers and other members of the education Corps, residents of a Contracting State who teach at a university or any other approved educational institution of the other Contracting State, they receive for this activity shall be taxable only in the first State, for a period not exceeding two years from the commencement of their activity.
2. The provisions of paragraph 1 shall apply also to remuneration on an individual physical residence in a Contracting State receives for research performed in the other Contracting State, if such research is not undertaken primarily for the private benefit of an undertaking or person.


Article 22 students, trainees and persons from specialization 1. The amounts a student, a trainee or a practitioner, a person sent to acquire technical experience, or professional who is or was immediately prior to this its in a Contracting State a resident of the other Contracting State and who is present in the first-mentioned Contracting State solely for the purpose of his education or preparation, he receives care, instruction or training , shall not be taxed in the first-mentioned State, provided that such amounts to come from sources located in out of that State.
2. The same exemption shall apply to income derived by a person from the above mentioned from employment that you provide in that first Contracting State in order to supplement his means for the maintenance, education, training and other expenses for specialization, for a period limited to two years from his arrival in that first Contracting State.


Article 23 other income 1. Items of income of a resident of a Contracting State, wherever they originate, which were not mentioned in the foregoing articles of this Convention shall be taxable only in that State.
2. The provisions of paragraph 1 shall not be applied to income, other than income from immovable property which has been produced, as are defined in paragraph 2 of article 4. 6 If the recipient of such income is a resident of a Contracting State, revenue-producing activities in the other Contracting State through a permanent establishment situated therein or carried out in that State the personal services of an independent character using a fixed base situated therein, and the rights or assets in respect of income paid are actually connected with that permanent establishment or fixed base.
In such cases the provisions of article 362 are applied. 7 or of art. 15, where appropriate article 24 Taxation of property 1. Wealth consists of immovable property, referred to in art. 6, owned by a resident of a Contracting State and situated in the other Contracting State shall be taxable in that State.
2. The wealth of chattels 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 holding a fixed base available to a resident of a Contracting State in the other Contracting State in order to pursue personal services of an independent character, shall be taxable in that State.
3. developing Wealth from ships or aircraft operated in international traffic and of movable property, especially in the operation of such ships or aircraft shall be taxable only in the Contracting State in which the benefits attaching to ships or aircraft are taxable according to the provisions of art. 8 of this Convention.
4. All other elements of wealth of a resident of a Contracting State shall be taxable only in that State.


Article 25 elimination of double taxation 1. Where a resident of a Contracting State carries out the income or wealth which holds, in accordance with the provisions of this Convention may be taxed in the other Contracting State, the first-mentioned State shall accord: a) as a deduction from the tax on the income of that resident an amount equal to the income tax paid in that other State;
  

b) as a deduction from the tax on the wealth of that resident, an amount equal to the tax on wealth paid in that State.
  

Such a deduction in each State will not, however, exceed that part of the income tax or the tax on wealth as determined before deduction, that is, or as the case may be attributed to the income or property which may be taxed in that other State.


Article 26 non-discrimination 1. Nationals of a Contracting State shall not be subjected in the other Contracting State to any taxation or any requirement connected to it, which is other or more burdensome than the taxation and connected requirements to which this tax are or may be subjected to nationals of the other State under the same conditions.
2. the term of the national State: a) all individuals possessing the nationality of Greek or Romanian citizenship;
  

b) all legal entities, companies and associations established in accordance with the laws in force in a Contracting State.
  

3. The taxation of a permanent establishment which an enterprise of a Contracting State has in the other Contracting State will not be established in less favorable conditions in the other State than the taxation determined that State enterprises which carry out the same activities. This provision shall not be construed as obliging a Contracting State to grant to residents of the other Contracting State any succour, reduction or exemption, in respect of the imposition on civil status considerations or family responsibilities which it grants to its own residents.
4. 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 Contracting State to any tax or any requirement connected to it which is other or more burdensome than the tax or obligations related thereto, which are or may be subject to other similar enterprises of the first-mentioned State.
5. the provisions of this article shall apply to taxes of every kind and nature, notwithstanding the provisions of article 4. 2. Article 27 mutual agreement Procedure

1. where a person considers that the actions taken by a Contracting State or both Contracting States may attract or entice a taxation which is not in accordance with this Convention, he may, irrespective of the remedies provided for by national law of those States, to submit the case to the competent authority or of the Contracting State whose residence or if his case fall under the provisions of paragraph 1 of article 7. 26, then it will be submitted to the Contracting State whose national is. The case must be presented within three years from the first notification of the action resulting in taxation is contrary to the provisions of the Convention.
2. the competence of the Authority shall endeavour, if the objection appears to it to be justified and them if it is not itself in so far as to arrive at an appropriate solution, to resolve the settlement issue on the path of mutual agreement with the competent authority of the other Contracting State in order to avoid taxation which is not in conformity with the Convention.
3. the competent authorities of the Contracting States shall endeavour to resolve, mutual agreement, any difficulties or doubts concerning the interpretation or application of the Convention. They may also want to consult with a view to avoiding double taxation in cases not provided for in the Convention.
4. the competent authorities of the Contracting States may communicate directly with each other in furtherance of the agreement for the application of the provisions of the preceding paragraphs. When, in order to arrive at an agreement, appears to be advisable for an exchange of views on oral, such exchange may take place within the framework of a Commission composed of representatives of the competent authorities of the Contracting States.
5. the competent authorities of the Contracting States shall consult each other if their changes in tax laws require amendment of the Convention.


Article 28 exchange of information 1. The competent authorities of the Contracting States shall exchange such information as is necessary for the application if the provisions of this Convention or of the domestic laws of the Contracting States concerning taxes provided for by the Convention, insofar as the taxation thereunder is not contrary to the Convention. Sharing information is not influenced by art. 1. any information obtained by a Contracting State shall be treated as secret in the same manner as information obtained under the conditions of the domestic laws of that State and shall be made known only to persons or authorities (including courts and administrative bodies) duties in relation to the assessment or collection of, the enforcement or prosecution or resolving appeals in relation to, the taxes covered by the Convention. The said authorities or persons must use the information only for those purposes. They can makes known the information in the courts or in public judgements.
2. the provisions of paragraph 1 shall not under any circumstances be interpreted as impunind on a Contracting State the obligation: (a)) to take administrative measures at variance with its own administrative practice or legislation of one or the other Contracting State;
  

b) to supply information that cannot be obtained on the basis of their own legislation or administrative practice of the two Contracting States;
  

c) to supply information which would disclose any trade secret, industrial business professional or trade process, or information the disclosure of which would be contrary to public policy.
  


Article 29 diplomatic and Consular Officials nothing in this Convention shall affect the fiscal privileges enjoyed by diplomatic and consular officials, either by virtue of general rules of international law, either under the provisions of special agreements.


Article 30 entry into force 1 this Convention. will be ratified and the instruments of ratification shall be exchanged at Athens, Bucharest, or as soon as possible.
2. The Convention shall enter into force following the exchange of instruments of ratification and its provisions shall apply to income made on or after the first day of January in the calendar year following that in which the Convention enters into force.


Article 31 Termination this Convention shall remain in force for an indefinite period. Each Contracting State may denounce the Convention until 30 June of each calendar year, starting from the fifth year following the entry into force of the Convention, through a notice of denunciation forwarded diplomatically; in this case the Convention shall cease to have effect on income earned on or after the first day of January in the calendar year following that in which it was given notice of termination.
In witness whereof, the undersigned, duly authorised thereto in good and due form, have signed this Convention.
Done at Athens on 17 September 1991, in two originals in the English and Romanian, the texts being equally authentic, the English text prevalind in the case of divergence.