POSITIONS ON ARTICLE 22

(CAPITAL)

AND ITS COMMENTARY

1. Argentina reserves the right to tax capital, other than property mentioned in paragraph 3, that is situated on its territory.

(Added on 23 October 1997 see History)

2. Brazil, Bulgaria, Indonesia, Malaysia, the People’s Republic of China, Singapore, Thailand and Vietnam reserve their positions on the Article if and when they impose taxes on capital.

(Amended on 15 July 2014 see History)

3. India reserves the right to tax capital as per domestic law.

(Added on 17 July 2008 see History)

HISTORY

Paragraph 1: Included when this section was added in 1997 by the report entitled “The 1997 Update to the Model Tax Convention”, adopted by the OECD Council on 23 October 1997.

Paragraph 2: Amended on 15 July 2014, by adding Singapore to the list of countries indicating the position, by the Report entitled “The 2014 Update to the Model Tax Convention”, adopted by the Council of the OECD on 15 July 2014. After 22 July 2010 and until 15 July 2014, paragraph 2 read as follows:“2. Brazil, Bulgaria, Indonesia, Malaysia, the People’s Republic of China , Thailand and Vietnamreserve their positions on the Article if and when they impose taxes on capital.”

Paragraph 2 was previously amended on 22 July 2010, by adding Indonesia to the list of countries indicating the position, by the report entitled “The 2010 Update to the Model Tax Convention”, adopted by the OECD Council on 22 July 2010. After 17 July 2008 and until 22 July 2010, paragraph 2 read as follows:“2. Brazil, Bulgaria, Malaysia, the People’s Republic of China, Thailand and Vietnam reserve their positions on the Article if and when they impose taxes on capital.”

Paragraph 2 was previously amended on 17 July 2008, by changing the list of countries indicating the position by adding Brazil and replacing “China” with “the People’s Republic of China”, by the report entitled “The 2008 Update to the Model Tax Convention”, adopted by the OECD Council on 17 July 2008. After 28 January 2003 and until 17 July 2008, paragraph 2 read as follows:“2. Bulgaria, China, Malaysia, Thailand and Vietnam reserve their positions on the Article if and when they impose taxes on capital.”

Paragraph 2 was previously amended on 28 January 2003, by adding Bulgaria to the list of countries indicating the position, by the report entitled “The 2002 Update to the Model Tax Convention”, adopted by the OECD Council on 28 January 2003. After 23 October 1997 and until 28 January 2003 paragraph 2 read as follows:“2. China, Malaysia, Thailand and Vietnam reserve their positions on the Article if and when they impose taxes on capital.”

Paragraph 2 was included when this section was added in 1997 by the report entitled “The 1997 Update to the Model Tax Convention”, adopted by the OECD Council on 23 October 1997.

Paragraph 3: Added on 17 July 2008 by the report entitled “The 2008 Update to the Model Tax Convention”, adopted by the OECD Council on 17 July 2008.