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 or of 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 independent personal services, including such gains from the alienation of such a permanent establishment (alone or with the whole enterprise) or of such fixed base, may be taxed in that other State.
(3) Gains from the alienation of ships, aircraft, or containers operated in international traffic or movable property pertaining to the operation of such ships, aircraft, or containers shall be taxable only in the Contracting State in which the profits of the enterprise are taxable according to Article 8.
(4) Gains from the sale of all or a majority of the shares in a company whose assets consist wholly or largely of immovable property situated in a Contracting State may be taxed in that State.
(5) Gains from complete or partial alienation of a substantial holding in a company may be taxed in the Contracting State of which the company is a resident if the alienator is a natural person resident in the other Contracting State and:
- (a) Was a resident of the first-mentioned State in the sense of Article 4 at some time during the five years immediately preceding the alienation; and
- (b) Is not subject to taxation on such gains in the other State.
The holding shall be considered substantial if the alienator holds more than 25 per cent of the capital of the company.
(6) Gains from the alienation of any property other than that referred to in the foregoing paragraphs shall be taxable only in the Contracting State of which the alienator is a resident.