The OECD Model Convention (OECD MC) has two separate articles dealing with transfer pricing issues, namely Art 9 for associated enterprises and Art 7 (since 2010: Art 7 OECD MC [AOA]) for permanent establishments (BEPS). While Art 7 AOA was redesigned in 2010, Art 9 OECD MC was only modified in the context of the BEPS project (Actions 8–10). In cases where a subsidiary of a MNE is qualified as an agency PE and the “dual taxation concept” is applied, both norms are applied in parallel: Art 9 OECD MC for the relation between principal and subsidiary (“DAE”) and Art 7 AOA for the relation between principal and agency PE (“DAPE”). This allows a comparison of the arm’s length principle embedded in both norms. The authors discuss the current post-BEPS debate on the profit attribution to agency PEs (OECD discussion drafts 2016 and 2017) and question the reasonability of the “dual taxation concept”. They conclude that Art 9 OECD MC needs to be applied first and should cover all activities of the dependent agent; taxation should then be based on the subsidiary, which includes the result of its own activities and those “on behalf of” the principal.