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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 from the alienation of immovable property shall be taxed in the Contracting State where such immovable property is situated and in accordance with the laws of that State.

(2) Gains from the alienation of movable property forming 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 arising from the alienation of such a permanent establishment (alone or with the whole enterprise) or of such fixed base, may be taxed in that other State.

(3) Gains from the alienation of property forming part of the business property of an enterprise of a Contracting State and consisting of ships or aircraft operated by such enterprise 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 effective place of management 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 Contracting State of which the alienator is a resident.