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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 paragraph (2) of Article 6 shall be taxed in that State where such property is located.

(2) Gains from the alienation of movable property forming a 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 a fixed base, shall be taxed in that other State.

However, the gains arising from the alienation of ships or aircraft operated in international traffic as well as movable property used in the operation of such ships or aircraft shall be taxable only in that Contracting State where such property are taxable in accordance to the provisions of paragraph (3) of Article 22.

(3) Gains arising from the alienation of any property shall be taxable in that Contracting State in which the alienator is a resident.