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CHAPTER I - Scope of the Arrangement
CHAPTER II - Definitions
CHAPTER III - Taxation of Income
CHAPTER IV - Avoidance of Double Taxation
CHAPTER V - Special Provisions
CHAPTER VI - Final Provisions
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 country from the alienation of immovable property referred to in Article 6 and situated in the other country may be taxed in that other country.

(2) Gains from the alienation of property, other than immovable property referred to in Article 6, forming part of the business property of a permanent establishment which an enterprise of a country has in the other country, including such gains from the alienation of such a permanent establishment, alone or with the whole enterprise, may be taxed in that other country.

(3) Gains from the alienation of ships or aircraft operated in international traffic or property, other than immovable property referred to in Article 6, pertaining to the operation of such ships or aircraft, shall be taxable only in the country in which the place of effective management of the enterprise is situated.

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

(5) Where an individual was a resident of a country and has become a resident of the other country, the provisions of paragraph (4) shall not prevent the first-mentioned country from taxing under its domestic law the capital appreciation of shares, profit sharing certificates, call options and usufruct on shares and profit sharing certificates in and debt-claims on a company, provided that the individual has emigrated less than ten years ago from the first-mentioned country and insofar as the appreciation of capital refers to the period of residency of that individual in the first-mentioned country. In such case, the appreciation of capital taxed in the first-mentioned country shall not be included in the tax base when determining the subsequent appreciation of capital by the other country.