background image
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 of this Convention, and situated in the other Contracting State, may be taxed in that other 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 services, 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 by an enterprise of a Contracting State from the alienation of ships or aircraft operated in international traffic or from the alienation of movable property pertaining to the operation of such ships or aircraft shall be taxable only in that Contracting State.

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

(5) The provisions of paragraph (4) of this Article shall not affect the right held by a Contracting State to levy taxes, in accordance with its domestic laws, on capital gains derived from the alienation of a substantial number of shares of a company of that State by a person who is a resident of the other Contracting State.