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(a) laws and regulations, administrative practices or procedures, or administrative or adjudicatory decisions of a Party;
(b) international legal obligations; or
(c) obligations assumed by a Party, including those contained in an investment authorization or an investment aqreement.
ARTICLE XII
Each
reserves the benefits of
to deny to a company of the Treaty if nationals of a third
other Party
country own or control the company and
(a) the denying Pa economic relations with the
does not maintain normal rd country; or
(b) the company has no substantial business activities in the territory of the Party under whose laws it is constituted or organized.
ARTICLE XI II
1. No provision of this Treaty shall impose obligations with respect to tax matters, except that:
(a) Articles III, IX and X will apply with respect to
expropriation; and
(b) Article IX will apply with respect to an investment agreement or an investment authorization.
2. A national or company, that asserts in an investment dispute that a tax matter involves an expropriation, may submit that dispute to arbitration pursuant to Article IX(3) only if: (8) the national or company concerned has first referred to the competent tax authorities of both Parties the issue of whether the tax matter involves an expropriation; and (b) the competent tax authorities have not both determined, within nine months from the time the national or company referred the issue, that the matter does not involve an expropriation.
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