Article 20 - Adjustments in other Countries

A. Where a Taxable Person has entered into a Controlled Transaction with a Nonresident Person located in another jurisdiction that is a party to an International Agreement and the competent authority of such country has made or proposed an adjustment in relation to a Transaction with the resident Person to the tax base of such Nonresident Person based on the Arm’s-Length principle, the Authority shall:
1. Examine the consistency of that adjustment with the arm’s length principle. If the Authority concludes that the adjustment is consistent with this principle, then it shall make an appropriate adjustment to the tax base of the resident Taxable Person with the view to eliminate economic double taxation when it corresponds with the Arm’s-Length principle set out in these Bylaws both in principle and as regards the amount; and
2. When applicable, communicate with the relevant foreign competent authority in accordance with the mutual agreement procedures set in the relevant International Agreement with the country party to such agreement, if the Authority concludes that the adjustment made by the foreign competent authority is not appropriate.