background image
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 b y a resident of a Contracting State from the alienation of immovable property, as defined in Article 6, and situated in the other contracting State may be taxed in the other Contracting State.

(2) Gains derived by a resident of a Contracting State from the alienation of:

  • (a) shares, deriving their value or the greater part of their value directly or indirectly from immovable property situated in the other Contracting State, or
  • (b) a contribution in a partnership the assets of which consist principally of immovable property situated in the other Contracting State, or of shares referred to in sub-paragraph (a) above shall be taxable only in that Contracting State.

(3) 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 or a movable property pertaining to a fixed base available to a resident of a Contracting State in the other Contracting State for the purpose of performing in dependent personal services, including such gams from the alienation of such a permanent establishment (alone or together with the whole enterprise) or of such a fixed base may be taxed in that other State.

(4) gains from the alienation of ships operated by an enterprise of a Contracting State in international traffic and movable property pertaining to the operation of such ships shall be only in that Contracting State.

(5) Gains from the alienation of stocks and shares of a company representing a participation of 25 per cent or more may be taxed in the Contracting State in which they have been issued.

(6) Gains from the alienation of any property other than that referred to in the preceding paragraphs shall be taxable only in the Contracting State of which the alienator is a resident.