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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 15

Capital Gains

(1) Gains that a resident of a Contracting State derives from the alienation of immovable property as defined in Article 6 of this Convention and situated in the other Contracting State may be taxed in that other State.

(2) Gains arising 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 together with the whole enterprise) or of such fixed base, may be taxed in that other State.

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

(4) Gains from the alienation of shares other than those mentioned in paragraph (4) of this Article representing a participation equal to or exceeding 25 percent stake in the capital of a company residing in a Contracting State may be taxed in that State, according to the laws of that State.

(5) Gains from the alienation of shares, rights or investments in a company or a corporation whose assets consist principally of immovable property situated in a State which, according to the laws of that State is subject to the same taxation treatment as assets from the alienation of immovable property, may be taxed in that State.

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