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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 arising in a Contracting State from the alienation of immovable property, situated in the other Contracting State, may be taxed in that other State, according to the domestic laws of that 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 from the alienation of properties which form part of the commercial properties of a Contracting State, from the alienation of ships, aircraft operated in international traffic or from the alienation of movable property pertaining to the operation of such ships, aircraft shall be taxable only in that State in which the place of effective management of the enterprise is situated.

(4) Gains derived from the alienation of any 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.