Greece - Royalty

Article 12. Royalties

1. Royalties arising in one of the States and paid to a resident of the other State may be taxed in that other State.

2. However, such royalties may also be taxed in the 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:

a. 5 per cent of the gross amount of the royalties, if the royalties consist of 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;

b. 7 per cent of the gross amount of all other royalties.

The competent authorities of the States shall by mutual agreement settle the mode of application of these limitations.

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, 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 one of the States,
carries on business in the other 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 15, as the case may be, shall apply.

5. Royalties shall be deemed to arise in one of the State when the payer is that State itself, a political subdivision, a local authority or
a resident of that State. Where, however, the person paying the royalties, whether he is a resident of one of the States or not, has in
one of the States a permanent establishment or a fixed base in connection with which the liability to pay the royalties 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 same 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 State, due regard being had to the other provisions of this Convention.

Protocol:

II. Ad Articles 10, 11 and 12

Applications for the restitution of tax levied contrary to the provisions of Articles 10, 11 and 12 have to be lodged with the competent
authority of the State having levied the tax within a period of three years after the expiration of the calendar year in which the tax has
been levied.