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Note: This Treaty may be impacted by the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent BEPS (MLI). MLI impact on Tax Treaties is available with the Orbitax International Tax Research & Compliance Expert.

ARTICLE 13

Capital Gains

(1) Gains derived by a resident of a Contracting State from the alienation of immovable property referred to in Article 6 and situated in the other Contracting State may be taxed in that other State.

(2) Gains from the alienation of movable property forming part of the business property of a permanent establishment which an enterprise of a Contracting State has in the other Contracting State, including such gains from the alienation of such a permanent establishment (alone or with the whole enterprise), may be taxed in that other State.

(3) Gains from the alienation of ships or aircraft operated in international traffic or movable property pertaining to the operation of such ships or aircraft, shall be taxable only in the Contracting State of which the enterprise is a resident.

(4) Gains derived by a resident of a Contracting State from the alienation of shares deriving more than 50% of their value directly or indirectly from immovable property situated in the other Contracting State may be taxed in that other State unless the shares are listed on a recognised stock exchange.

(5) Gains from the alienation of shares other than those mentioned in paragraph (4) representing a participation of at least 25 per cent in a company which is a resident of a Contracting State may be taxed in that State. The tax so charged shall not exceed 10 per cent of the gains.

(6) Gains from the alienation of any property other than that referred to in paragraphs (1), (2), (3), (4) and (5), shall be taxable only in the Contracting State of which the alienator is a resident.

(7) For the purposes of Article 13, it is understood that paragraph (5) includes capital gains derived from the alienation of shares, securities or comparable interest in a company, bonds and other debentures, which are taxable only in the Contracting State of which the alienator is a resident.