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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 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 place of business 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 (whether alone or together with the whole enterprise) or fixed place of business, may be taxed in that other State.

(3) Gains 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 State in which the place of effective management of the enterprise is situated.

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