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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 located in the other Contracting State may be taxed in that other State.

(2) Gains from the alienation of movable property forming part of the assets of a permanent establishment which an enterprise of a Contracting State has in the other Contracting State or movable property belonging to a fixed base of which a resident of a Contracting State has in the other State for the exercise of independent occupation, including such earnings from the alienation of that permanent establishment (alone or with the enterprise as a whole) or fixed base, shall be taxable only in that other State.

(3) Gains derived by a company of a Contracting State operating ships or aircraft in international traffic and derived 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 in which the management head office of the company is located.

(4) Gains from the alienation of shares in the capital of a company, the property of which consists principally, directly or indirectly, in immovable property located in a Contracting State, may be taxed in that State.

(5) Gains from the alienation of any property, other than that referred to in paragraphs (1) to (4) of this Article and paragraph (3) of Article 12 shall be taxable only in the Contracting State of which the alienator is a resident.