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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 property forming part of the business property of an enterprise of a Contracting State and consisting of ships, aircraft or road vehicles operated by such enterprise in international traffic or of movable property pertaining to the operation of such ships, aircraft or road vehicles, shall be taxable only in that State.

(4) Gains derived by a resident of a Contracting State from the alienation of shares or other interests in a company which is a resident of the other Contracting State may be taxed in that other State.

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