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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 Contracting State.

(2) Gains derived from the alienation of movable property forming part of the business property of a permanent establishment that an enterprise of a Contracting State has in the other Contracting State, or from the alienation 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 service, including gains from the alienation of such permanent establishment (alone or together with the whole enterprise), or fixed base, may be taxed in that other Contracting State.

(3) Gains derived from the alienation of ships, boats or aircraft operated in international traffic, or from the alienation of movable property used in the operation of such ships, boats or aircraft shall be taxable only in the Contracting State in which the place of effective management of the enterprise is situated.

(4) Gains derived by a resident of a Contracting State from the alienation of shares or other rights whose value, directly or indirectly, consists of more than 50 per cent of the immovable property situated in the other Contracting State may be taxed in that other State.

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