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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, as indicated in Article 6 of this Convention, situated in the other Contracting State, may be taxed in the 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 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 rendering independent personal services, including income from the alienation of such permanent establishment (alone or together with the whole enterprise) or such fixed base, may be taxed in that other State.

(3) Profits gained by a resident in a Contracting state from the alienation of ships or aircraft operating in the international traffic or movable assets shall be taxable only in such Contracting State.

(4) Profits derived from the alienation of any capital share which is consisting directly or indirectly from immovable properties in a Contracting state shall be taxable in the state where it is exist.

(5) Profits derived from the alienation of any shares other than those mentioned in abovementioned paragraph (4) which represent a share in company resident in a Contracting state shall be taxable only in the Contracting state where the company exist.

(6) Profits derived from the alienation of any assets other than those mentioned in abovementioned paragraph may be taxable in the Contracting state where the income is generated.