Common use of CAPITAL GAINS Clause in Contracts

CAPITAL GAINS. 1. Gains derived by a resident of a Contracting State from the alienation of immovable property referred to in Article 6 and situated in the other Contracting State may be taxed in that other 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 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 derived by an enterprise of a Contracting State from the alienation of ships or aircraft operated in international traffic, or movable property, including containers, pertaining to the operation of such ships or aircraft shall be taxable only in that State. 4. Gains derived by a resident of a Contracting State from the alienation of shares, other than shares traded on a recognised Stock Exchange, deriving at least three-quarters of their value directly or indirectly from immovable property situated in the other Contracting State, may be taxed in that other State. 5. Gains derived by an individual who is a resident of a Contracting State from the alienation of shares or other rights in a company which is a resident of the other Contracting State, as well as gains from the alienation of options or other financial instruments related to such shares or rights, may be taxed in that other State, but only if the alienator has been a resident of that other State at any time during the five years immediately preceding the alienation of the shares, rights, options or financial instruments. 6. Gains from the alienation of any property other than those referred to in the preceding paragraphs shall be taxable only in the Contracting State of which the alienator is a resident.

CAPITAL GAINS. (1. ) Gains derived by a resident of a Contracting State from the alienation of immovable property referred to in Article 6 and situated in the other Contracting State may be taxed in that other State. (2. ) Gains from the alienation of shares or other rights in a company which assets principally, directly or indirectly, consist of immovable property situated in a Contracting State or rights pertaining to such immovable property, may be taxed in that State. (3) 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, services including such gains 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. (4) Gains derived by an enterprise of a Contracting State from the alienation of ships or aircraft operated in international traffic, boats engaged in inland waterways transport or movable property, including containers, property pertaining to the operation of such ships ships, aircraft or aircraft boats, shall be taxable only in that Statethe Contracting State in which the place of effective management of the enterprise is situated. 4. Gains derived by a resident of a Contracting State from the alienation of shares, other than shares traded on a recognised Stock Exchange, deriving at least three-quarters of their value directly or indirectly from immovable property situated in the other Contracting State, may be taxed in that other State. (5. Gains derived by an individual who is a resident of a Contracting State from the alienation of shares or other rights in a company which is a resident of the other Contracting State, as well as gains from the alienation of options or other financial instruments related to such shares or rights, may be taxed in that other State, but only if the alienator has been a resident of that other State at any time during the five years immediately preceding the alienation of the shares, rights, options or financial instruments. 6. ) Gains from the alienation of any property other than those that referred to in the preceding paragraphs above, shall be taxable only in the Contracting State of which the alienator is a resident. (6) In the case of an individual who was a resident of a Contracting State and has become a resident of the other Contracting State, paragraph 5 shall not affect the right of the first- mentioned State under its national laws to tax the individual on a capital appreciation up to the change of residence in respect of shares. The value of shares which was taken into account by the first-mentioned State in computing the taxable capital appreciation shall be treated as cost of acquisition of such shares by the other Contracting State if a subsequent alienation of such shares entails a capital gain which is taxable in that other State.

CAPITAL GAINS. 1. Gains derived by a resident of a Contracting State from the alienation of immovable property referred to in Article 6 and situated in the other Contracting State may be taxed in that other 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 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 derived by an enterprise a resident of a Contracting State from the alienation of ships or aircraft operated in international traffic, or movable property, including containers, property pertaining to the operation of such ships or aircraft shall be taxable only in that State. 4. Gains derived by a resident of a Contracting State from the alienation of shares, other than shares traded on a recognised Stock Exchangean approved stock exchange, deriving at least three-quarters more than 50 per cent of their value directly or indirectly from immovable property property, as defined in Article 6, situated in the other Contracting State, State may be taxed in that other StateState if the alienator owned at least 50 per cent of the total issued shares of the company whose shares are alienated. However, this paragraph shall not apply to gains derived from the alienation of shares deriving value from immovable property in which the company carries on its business and to gains derived from the alienation of shares alienated or exchanged in the framework of a reorganisation of a company, a merger, a scission or a similar operation. 5. Gains derived by an individual who is a resident of a Contracting State from the alienation of shares or other rights in a company which is a resident of Indonesia and traded on the other Contracting State, as well as gains from the alienation of options or other financial instruments related to such shares or rights, Indonesia Stock Exchange may be taxed in that other StateIndonesia in accordance with the Minister of Finance Decree No. 282/KMK.04/1997 (The Implementation of Withholding Tax on Income Derived from the Alienation of Shares on Stock Exchange), but only if the alienator has been a resident of that other State at any as may be amended from time during the five years immediately preceding the alienation of the shares, rights, options or financial instrumentsto time. 6. Gains from the alienation of any property property, other than those that referred to in the preceding paragraphs 1, 2, 3, 4 and 5 shall be taxable only in the Contracting State of which the alienator is a resident.

CAPITAL GAINS. 1. Gains derived by a resident of a Contracting State from the alienation of immovable property referred to in Article 6 and situated in the other Contracting State may be taxed in that other Contracting 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, services including such gains from the alienation of such a permanent establishment (alone or with the whole enterprise) or of such a fixed base, may be taxed in that other Contracting State. 3. Gains derived by an enterprise of a Contracting State from the alienation of ships or aircraft operated in international traffic, traffic or movable property, including containers, property pertaining to the operation of such ships or aircraft shall be taxable only in the Contracting State in which the place of head office or of effective management of the enterprise is situated. 4. Gains from the alienation of shares of the capital stock of a company the property of which consists directly or indirectly principally of immovable property situated in a Contracting State may be taxed in that Contracting State. 45. Gains from the alienation of shares other than those mentioned in paragraph 4 representing a participation in a company which is a resident of a Contracting State may be taxed in that Contracting State. 6. Gains derived by a resident of a Contracting State from the alienation of shares, any property other than shares traded on a recognised Stock Exchange, deriving at least three-quarters of their value directly or indirectly from immovable property situated that referred to in paragraphs 1 to 5 and arising in the other Contracting State, State may be taxed in that other Contracting State. 5. Gains derived by an individual who is a resident of a Contracting State from the alienation of shares or other rights Where, however, such gains do not arise in a company which is a resident of the other Contracting State, as well as gains from the alienation of options or other financial instruments related to such shares or rights, may be taxed in that other State, but only if the alienator has been a resident of that other State at any time during the five years immediately preceding the alienation of the shares, rights, options or financial instruments. 6. Gains from the alienation of any property other than those referred to in the preceding paragraphs they shall be taxable only in the Contracting State of which the alienator is a resident.

CAPITAL GAINS. (1. ) Gains derived by a resident of a Contracting State from the alienation of immovable property referred to in Article 6 of this Agreement and situated in the other Contracting State may be taxed in that other State. (2) Gains derived by a resident of a Contracting State from the alienation of: (a) shares, other than shares traded on a recognised Stock Exchange, deriving at least three-quarters of their value directly or indirectly from immovable property situated in the other Contracting State, or (b) an interest in a partnership or trust the assets of which derive at least three- quarters of their value directly or indirectly from immovable property situated in the other Contracting State, may be taxed in that other State. For the purposes of sub-paragraph (b) of this paragraph, assets consisting of shares referred to in sub-paragraph (a) of this paragraph shall be regarded as immovable property. (3) 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 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. (4) Gains derived by an enterprise a resident of a Contracting Contacting State from the alienation of ships or aircraft operated in international traffic, traffic by an enterprise of that Contracting State or movable property, including containers, property pertaining to the operation of such ships or aircraft aircraft, shall be taxable only in that Contracting State. 4. Gains derived by a resident of a Contracting State from the alienation of shares, other than shares traded on a recognised Stock Exchange, deriving at least three-quarters of their value directly or indirectly from immovable property situated in the other Contracting State, may be taxed in that other State. (5. Gains derived by an individual who is a resident of a Contracting State from the alienation of shares or other rights in a company which is a resident of the other Contracting State, as well as gains from the alienation of options or other financial instruments related to such shares or rights, may be taxed in that other State, but only if the alienator has been a resident of that other State at any time during the five years immediately preceding the alienation of the shares, rights, options or financial instruments. 6. ) Gains from the alienation of any property other than those that referred to in the preceding paragraphs 1, 2, 3 and 4 of this Article shall be taxable only in the Contracting State of which the alienator is a resident. (6) The provisions of paragraph 5 of this Article shall not affect the right of a Contracting State to levy according to its law a tax on capital gains from the alienation of any property derived by an individual who is a national of that Contracting State and who is a resident of the other Contracting State and has been a resident of the first-mentioned Contracting State at any time during the five years immediately preceding the alienation of the property.

CAPITAL GAINS. 1. Gains derived by a resident of a Contracting State from the alienation of immovable property referred to in Article 6 of this Convention and situated in the other Contracting State may be taxed in that other Contracting State. 2. Gains derived by a resident of a Contracting State from the alienation of movable shares or other comparable interests in a company deriving at least 50 per cent of its value directly or indirectly from immovable property referred to in Article 6 of this Convention and situated in the other Contracting State may be taxed in that other Contracting State. 3. Gains derived by a resident of a Contracting State from the alienation of shares issued by a company being a resident of the other Contracting State may be taxed in that other Contracting State, if shares owned by the alienator (together with such shares owned by any other related or connected persons as may be aggregated therewith) amount to at least 25 per cent of the total issued shares of such company at any time during the taxable year in which the alienation takes place. 4. Gains from the alienation of any property, other than immovable 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 any property, other than immovable 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 with the whole enterprise) or of such a fixed base, may be taxed in that other Contracting State. 35. Gains derived by an enterprise of a Contracting State from the alienation of ships or aircraft operated by that enterprise in international traffic, traffic or movable any property, including containersother than immovable property, pertaining to the operation of such ships or aircraft shall be taxable only in that State. 4. Gains derived by a resident of a Contracting State from the alienation of shares, other than shares traded on a recognised Stock Exchange, deriving at least three-quarters of their value directly or indirectly from immovable property situated in the other Contracting State, may be taxed in that other State. 5. Gains derived by an individual who is a resident of a Contracting State from the alienation of shares or other rights in a company which is a resident of the other Contracting State, as well as gains from the alienation of options or other financial instruments related to such shares or rights, may be taxed in that other State, but only if the alienator has been a resident of that other State at any time during the five years immediately preceding the alienation of the shares, rights, options or financial instruments. 6. Gains from the alienation of any property other than those that referred to in the preceding paragraphs of this Article shall be taxable only in the Contracting State of which the alienator is a resident.

CAPITAL GAINS. 1. Gains or income derived by a resident of a Contracting State from the alienation of immovable (real) property referred to in Article 6 and situated in the other Contracting State may be taxed in that other State. 2. For the purposes of this Article, the term "immovable (real) property situated in the other Contracting State" includes immovable (real) property referred to in Article 6 (Income From Immovable (Real) Property) which is situated in that other State. It also includes shares of stock of a company the property of which consists at least 50 percent of immovable (real) property situated in that other State, and an interest in a partnership, trust or estate to the extent that its assets consist of immovable (real) property situated in that other State. In the United States the term includes a "United States real property interest." 3. 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 State, or of movable property pertaining to a fixed base which is 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 with the whole enterprise) or of such fixed base, may be taxed in that other State. 34. Gains derived by an enterprise of a Contracting State operating ships or aircraft in international traffic from the alienation of ships ships, aircraft or aircraft containers operated or used in international traffic, traffic or movable property, including containers, property pertaining to the operation or use of such ships ships, aircraft or aircraft containers shall be taxable only in that State. 4. Gains derived by a resident of a Contracting State from the alienation of shares, other than shares traded on a recognised Stock Exchange, deriving at least three-quarters of their value directly or indirectly from immovable property situated in the other Contracting State, may be taxed in that other State. 5. Gains derived by an individual who is a resident Payments described in paragraph 3 of a Contracting State from Article 12 (Royalties) shall be taxable only in accordance with the alienation provisions of shares or other rights in a company which is a resident of the other Contracting State, as well as gains from the alienation of options or other financial instruments related to such shares or rights, may be taxed in that other State, but only if the alienator has been a resident of that other State at any time during the five years immediately preceding the alienation of the shares, rights, options or financial instrumentsArticle 12. 6. Gains from the alienation of any property other than those property referred to in the preceding paragraphs 1 through 5 shall be taxable only in the Contracting State of which the alienator is a resident.

CAPITAL GAINS. 1. Gains derived by a resident of a Contracting State from the alienation of immovable property referred to in Article 6 and situated in the other Contracting State may be taxed in that other State. 2. Gains from the alienation of shares and similar rights in a company, the assets of which consist – directly or indirectly – mainly of immovable property situated in a Contracting State may be taxed in that State. 3. 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 from the alienation of such a permanent establishment (alone or with the whole enterprise) or of such a fixed base, may be taxed in that other State. 34. Gains derived by an enterprise of a Contracting State from the alienation of ships or aircraft operated in international traffic, traffic or movable property, including containers, property pertaining to the operation of such ships or aircraft aircraft, shall be taxable only in that State. 4. Gains derived by a resident of a the Contracting State from in which the alienation place of shares, other than shares traded on a recognised Stock Exchange, deriving at least three-quarters effective management of their value directly or indirectly from immovable property situated in the other Contracting State, may be taxed in that other Stateenterprise is situated. 5. Gains derived by an individual who is a resident of a Contracting State from the alienation of shares or other rights in a company which is a resident of the other Contracting State, as well as gains from the alienation of options or other financial instruments related to such shares or rights, may be taxed in that other State, but only if the alienator has been a resident of that other State at any time during the five years immediately preceding the alienation of the shares, rights, options or financial instruments. 6. Gains from the alienation of any property other than those that referred to in the preceding paragraphs 1 to 4, shall be taxable only in the Contracting State of which the alienator is a resident. 6. Where an individual was a resident of a Contracting State for a period of 5 years or more and has become a resident of the other Contracting State, paragraph 5 shall not prevent the first-mentioned State from taxing under its domestic law the capital appreciation of shares in a company resident in the first-mentioned State for the period of residency of that individual in the first-mentioned State. In such case, the appreciation of capital taxed in the first-mentioned State shall not be included in the determination of the subsequent appreciation of capital by the other State.

CAPITAL GAINS. 1. Gains derived by a resident of a Contracting State from the alienation of immovable property referred to in Article 6 and situated in the other Contracting State may be taxed in that other Contracting State. 2. Gains derived by a resident of a Contracting State from the alienation of shares in a company or of interests in a partnership or trust may be taxed in the other Contracting State where the shares or the interests derive at least 50 per cent of their value directly or indirectly from immovable property referred to in Article 6 and situated in that other Contracting State. 3. Unless the provisions of paragraph 2 are applicable, gains derived by a resident of a Contracting State from the alienation of shares issued by a company being a resident of the other Contracting State may be taxed in that other Contracting State, if shares owned by the alienator (together with such shares owned by any other related or connected persons as may be aggregated therewith) amount to at least 25 per cent of the total issued shares of such company at any time during the tax year or taxable year in which the alienation takes place. 4. 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 from the alienation of such a permanent establishment (alone or with the whole enterprise) or of such a fixed base, may be taxed in that other Contracting State. 35. Gains derived by an enterprise of a Contracting State from the alienation of ships or aircraft operated by that enterprise in international traffic, traffic or movable property, including containers, property pertaining to the operation of such ships or aircraft shall be taxable only in that State. 4. Gains derived by a resident of a Contracting State from the alienation of shares, other than shares traded on a recognised Stock Exchange, deriving at least three-quarters of their value directly or indirectly from immovable property situated in the other Contracting State, may be taxed in that other State. 5. Gains derived by an individual who is a resident of a Contracting State from the alienation of shares or other rights in a company which is a resident of the other Contracting State, as well as gains from the alienation of options or other financial instruments related to such shares or rights, may be taxed in that other State, but only if the alienator has been a resident of that other State at any time during the five years immediately preceding the alienation of the shares, rights, options or financial instruments. 6. Gains from the alienation of any property other than those that referred to in the preceding paragraphs of this Article shall be taxable only in the Contracting State of which the alienator is a resident.

CAPITAL GAINS. 1. Gains derived by a resident of a Contracting State from the alienation of immovable property referred to in Article 6 and situated in the other Contracting State may be taxed in that other 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 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 derived by an enterprise of a Contracting State from the alienation of ships or aircraft operated in international traffic, traffic or movable property, including containers, property pertaining to the operation of such ships or aircraft shall be taxable only in that Statethe Contracting State in which the place of effective management of the enterprise is situated. 4. Gains derived by a resident of a Contracting State from the alienation of shares, other than stocks and shares traded on of a recognised Stock Exchange, deriving at least three-quarters of their value directly or indirectly from immovable property situated in the other Contracting State, company may be taxed in that other Statethe Contracting State in which they have been issued. 5. Gains derived by an individual who is a resident of a Contracting State from the alienation of shares or other rights in a company which is a resident of the other Contracting State, as well as gains from the alienation of options or other financial instruments related to such shares or rights, may be taxed in that other State, but only if the alienator has been a resident of that other State at any time during the five years immediately preceding the alienation of the shares, rights, options or financial instruments. 6. Gains from the alienation of any property other than those that referred to in the preceding paragraphs 1 to 4 shall be taxable only in the Contracting State of which the alienator is a resident. 6. Gains from the alienation of shares of a company, the property of which consists principally of immovable property situated in a Contracting State, may be taxed in that State. Gains from the alienation of interest in a partnership or a trust, the property of which consists principally of immovable property situated in a Contracting State, may be taxed in that State. 7. The term “alienation” means the sale, exchange, transfer, or relinquishment of the property or the extinguishment of any rights therein or the compulsory acquisition thereof under any law in force in the respective Contracting States.

CAPITAL GAINS. 1. Gains derived by a resident of a Contracting State from the alienation of immovable property referred to in Article 6 of this Convention and situated in the other Contracting State may be taxed in that other State. 2. Gains derived by a resident of a Contracting State from the alienation of: a) shares, other than shares quoted on a recognised stock exchange, deriving their value or the greater part of their value directly or indirectly from immovable property situated in the other Contracting State, or b) an interest in a partnership or in a trust, or any other body the assets of which consist principally of immovable property situated in the other Contracting State, or of shares referred to in sub-paragraph a) above, may be taxed in that other State. 3. Gains derived by a resident of a Contracting State from the alienation of stock, participation, or other rights in the capital of a company which is a resident of the other Contracting State may be taxed in that other Contracting State if the recipient of the gains, during the twelve month period preceding such alienation, held a participation, directly or indirectly, of at least 25 per cent of the capital of that company. The provisions of this paragraph shall not apply where such a gain has been derived as a consequence of a reorganisation, merger or division of companies or similar transaction. 4. 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 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. 35. Gains derived by an enterprise of a Contracting State from the alienation of ships or aircraft operated in international traffic, traffic by an enterprise of a Contracting State or movable property, including containers, property pertaining to the operation of such ships or aircraft aircraft, shall be taxable only in that State. 4. Gains derived by a resident of a Contracting State from the alienation of shares, other than shares traded on a recognised Stock Exchange, deriving at least three-quarters of their value directly or indirectly from immovable property situated in the other Contracting State, may be taxed in that other State. 5. Gains derived by an individual who is a resident of a Contracting State from the alienation of shares or other rights in a company which is a resident of the other Contracting State, as well as gains from the alienation of options or other financial instruments related to such shares or rights, may be taxed in that other State, but only if the alienator has been a resident of that other State at any time during the five years immediately preceding the alienation of the shares, rights, options or financial instruments. 6. Gains from the alienation of any property other than those that referred to in the preceding paragraphs of this Article shall be taxable only in the Contracting State of which the alienator is a resident. 7. The provisions of paragraph 6 of this Article shall not affect the right of a Contracting State to levy, according to its law, a tax on gains from the alienation of any property derived by an individual who is a resident of the other Contracting State and has been a resident of the first- mentioned State at any time during five years immediately preceding the alienation of the property if the property was held by the individual before he became a resident of that other State.

CAPITAL GAINS. 1. Gains derived by a resident of a Contracting State from the alienation of immovable property referred to in Article 6 of this Convention and situated in the other Contracting State may be taxed in that other 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 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 Contracting State. 3. Gains derived by an enterprise of a Contracting State from the alienation of ships or aircraft operated in international traffic, or movable property, including containers, property pertaining to the operation of such ships or aircraft aircraft, shall be taxable only in that Statethe Contracting State in which the place of effective management of the enterprise is situated. 4. Gains derived by a resident of a Contracting State from the alienation of shares, other than shares traded on or interests in a recognised Stock Exchangetrust or partnership, deriving at least three-quarters more than 50 per cent of their value directly or indirectly from immovable property situated in the other Contracting State, may be taxed in that other Contracting State. 5. Gains derived by an individual who is a resident of a Contracting State from the alienation of shares or shares, other rights than those mentioned in paragraph 4 of this Article, forming part of a substantial participation in the capital of a company resident in Contracting State and not listed in a company which is a resident Stock Exchange of either of the other Contracting State, as well as gains from the alienation of options or other financial instruments related to such shares or rightsStates, may be taxed in that other Contracting State. A person is considered to have a substantial participation when this participation is, but only if at least, 25 per cent of the alienator has been a resident capital of that other State at any time during the five years immediately preceding the alienation of the shares, rights, options or financial instrumentscompany. 6. Gains derived from the alienation of any property property, other than those that referred to in the preceding paragraphs shall be taxable only in the Contracting State of which the alienator is a resident.

CAPITAL GAINS. 1. Gains derived by a resident of a Contracting State from the alienation of immovable property referred to in Article 6 and situated in the other Contracting State State, or from the alienation of shares in a company the assets of which consist principally of such property, may also be taxed in that other 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 from the alienation of such a permanent establishment (alone or with the whole enterprise) or of such fixed base, may also be taxed in that other State. 3. Gains derived by an enterprise of a Contracting State from the alienation of ships or aircraft operated in international traffic, traffic or movable property, including containers, property pertaining to the operation of such ships or aircraft 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 or similar rights being shares in a company, the assets of which consist principally of immovable property situated in a Contracting State, may also be taxed in that State. Gains from the alienation of an interest in a partnership, trust or estate, the property of which consists principally of immovable property situated in a Contracting State, may also be taxed in that State. 45. Gains derived by a resident of a Contracting State from the alienation sale, exchange or other disposition, directly or indirectly, of shares, shares other than shares traded on a recognised Stock Exchangethose mentioned in paragraph 4, deriving at least three-quarters of their value directly or indirectly from immovable property situated in the other Contracting State, may be taxed in that other State. 5. Gains derived by an individual who is a resident of a Contracting State from the alienation of shares or other similar rights in a company which is a resident of the other Contracting State, as well as gains from the alienation of options or other financial instruments related to such shares or rights, State may also be taxed in that other State, but only if the alienator has been a resident of that other State at any time during the five years immediately preceding the alienation of the shares, rights, options or financial instruments. 6. Gains from the alienation of any property other than those that referred to in the preceding paragraphs hereinabove, shall be taxable only in the Contracting State of which the alienator is a resident.

CAPITAL GAINS. 1. Gains or income derived by a resident of a Contracting State from the alienation of immovable (real) property referred to in Article 6 and situated in the other Contracting State may be taxed in that other State. 2. For the purposes of this Article, the term "immovable (real) property situated in the other Contracting State" includes immovable (real) property referred to in Article 6 (Income from Immovable (Real) Property) which is situated in that other State. It also includes shares of stock of a company the property of which consists at least 50 percent of immovable (real) property situated in that other State, and an interest in a partnership, trust or estate to the extent that its assets consist of immovable (real) property situated in that other State. In the United States the term includes a "United States real property interest." 3. 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 State, or of movable property pertaining to a fixed base which is 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 with the whole enterprise) or of such fixed base, may be taxed in that other State. 34. Gains derived by an enterprise of a Contracting State operating ships or aircraft in international traffic from the alienation of ships ships, aircraft or aircraft containers operated or used in international traffic, traffic or movable property, including containers, property pertaining to the operation or use of such ships ships, aircraft or aircraft containers shall be taxable only in that State. 4. Gains derived by a resident of a Contracting State from the alienation of shares, other than shares traded on a recognised Stock Exchange, deriving at least three-quarters of their value directly or indirectly from immovable property situated in the other Contracting State, may be taxed in that other State. 5. Gains derived by an individual who is a resident Payments described in paragraph 3 of a Contracting State from Article 12 (Royalties) shall be taxable only in accordance with the alienation provisions of shares or other rights in a company which is a resident of the other Contracting State, as well as gains from the alienation of options or other financial instruments related to such shares or rights, may be taxed in that other State, but only if the alienator has been a resident of that other State at any time during the five years immediately preceding the alienation of the shares, rights, options or financial instrumentsArticle 12. 6. Gains from the alienation of any property other than those property referred to in the preceding paragraphs 1 through 5 shall be taxable only in the Contracting State of which the alienator is a resident.

CAPITAL GAINS. 1. Gains derived by a resident of a Contracting State from the alienation of immovable property referred to in Article 6 and situated in the other Contracting State State, may be taxed in that other 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 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 derived by an enterprise of a Contracting State from the alienation of ships ships, boats or aircraft operated in international traffic, traffic or movable property, including containers, property pertaining to the operation of such ships ships, boats or aircraft aircraft, shall be taxable only in that Statethe Contracting State in which the place of effective management of the enterprise is situated. 4. Gains derived by from the alienation of shares of the capital stock or other rights in a resident company the property of which consists, directly or indirectly principally of immovable property situated in a Contracting State or rights pertaining to such immovable property, may be taxed in that State. 5. Gains from the alienation of shares, other than shares traded on those mentioned in paragraph 4 that represent a recognised Stock Exchange, deriving at least three-quarters participation of their value directly or indirectly from immovable property situated in more than 10 percent of the other stock of a company resident of a Contracting State, State may be taxed in that other State. 5. Gains derived by an individual who is a resident of a Contracting State from the alienation of shares or other rights in a company which is a resident of the other Contracting State, as well as gains from the alienation of options or other financial instruments related to such shares or rights, may be taxed in that other State, but only if the alienator has been a resident of that other State at any time during the five years immediately preceding the alienation of the shares, rights, options or financial instruments. 6. Gains from the alienation of any property other than those that referred to in the preceding paragraphs mentioned above, shall be taxable only in the Contracting State of which the alienator is a resident.

CAPITAL GAINS. 1. Gains derived by a resident of a Contracting State from the alienation of immovable property referred to in Article 6 of this Convention and situated in the other Contracting State may be taxed in that other 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 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 Contracting State. 3. Gains derived by an enterprise of a Contracting State from the alienation of ships or aircraft operated in international traffic, or movable property, including containers, property pertaining to the operation of such ships or aircraft aircraft, shall be taxable only in that Statethe Contracting State in which the place of effective management of the enterprise is situated. 4. Gains derived by a resident of a Contracting State from the alienation of shares, other than shares traded on a recognised Stock Exchangeor comparable interests, deriving at least three-quarters more than 50 per cent of their value directly or indirectly from immovable property situated in the other Contracting State, State may be taxed in that other State. 5. Gains derived by an individual who is a resident of a Contracting State from the alienation of shares other than those mentioned in paragraph 4 of this Article representing a participation of 10 per cent or other rights more in a company which is a resident of the other a Contracting State, as well as gains from the alienation of options or other financial instruments related to such shares or rights, State may be taxed in that other State, but only if the alienator has been a resident of that other State at any time during the five years immediately preceding the alienation of the shares, rights, options or financial instruments. 6. notwithstanding the provisions of paragraphs 1, 4 and 5 of this Article gains derived by the Government of a Contracting State from alienation of movable or immovable property situated in the other Contracting State shall be exempt from tax in the other Contracting State. 7. Gains derived from the alienation of any property other than those that referred to in the preceding paragraphs shall be taxable only in the Contracting State of which the alienator is a resident.

CAPITAL GAINS. (1. ) Gains derived by a resident of a Contracting State from the alienation of immovable property referred to in Article 6 of this Convention and situated in the other Contracting State may be taxed in that other State. (2. ) Gains derived by a resident of a Contracting State from the alienation of: (a) shares, other than shares in which there is substantial and regular trading on a Stock Exchange, deriving their value or the greater part of their value directly or indirectly from immovable property situated in the other Contracting State, or (b) an interest in a partnership or trust the assets of which consist principally of immovable property situated in the other Contracting State, or of shares referred to in sub-paragraph (a) of this paragraph, may be taxed in that other State. (3) 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 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. (4) Gains derived by an enterprise a resident of a Contracting State from the alienation of ships or aircraft operated in international traffic, traffic by an enterprise of that Contracting State or movable property, including containers, property pertaining to the operation of such ships or aircraft aircraft, shall be taxable only in that Contracting State. 4. Gains derived by a resident of a Contracting State from the alienation of shares, other than shares traded on a recognised Stock Exchange, deriving at least three-quarters of their value directly or indirectly from immovable property situated in the other Contracting State, may be taxed in that other State. (5. Gains derived by an individual who is a resident of a Contracting State from the alienation of shares or other rights in a company which is a resident of the other Contracting State, as well as gains from the alienation of options or other financial instruments related to such shares or rights, may be taxed in that other State, but only if the alienator has been a resident of that other State at any time during the five years immediately preceding the alienation of the shares, rights, options or financial instruments. 6. ) Gains from the alienation of any property other than those that referred to in the preceding paragraphs (1), (2), (3) and (4) of this Article shall be taxable only in the Contracting State of which the alienator is a resident. (6) The provisions of this Article shall not affect the right of a Contracting State to levy according to its law a tax chargeable in respect of gains from the alienation of any property on a person who is a resident of that State at any time during the fiscal year in which the property is alienated, or has been so resident at any time during the six fiscal years immediately preceding that year.

CAPITAL GAINS. 1. Gains derived by a resident of a Contracting State from the alienation of immovable property referred to in Article 6 and situated in the other Contracting State may be taxed in that other 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 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 derived by an enterprise of a Contracting State from the alienation of ships or aircraft operated in international traffic, or movable property, including containers, property pertaining to the operation of such ships or aircraft shall be taxable only in that Statethe Contracting State in which the place of effective management of the enterprise is situated. 4. Gains derived by a resident of a Contracting State from the alienation of of: (a) shares, other than shares traded quoted on a recognised Stock Exchangestock exchange, deriving at least three-quarters more than 50 per cent of their value directly or indirectly from immovable property situated in the other Contracting State; or (b) an interest in a partnership or trust deriving more than 50 per cent of its value directly or indirectly from immovable property situated in the other Contracting State, may be taxed in that other State. 5. Gains derived by an individual who is a resident of a Contracting State from the alienation of shares or other rights in a company which is a resident of the other Contracting State, as well as gains from the alienation of options or other financial instruments related to such shares or rights, may be taxed in that other State, but only if the alienator has been a resident of that other State at any time during the five years immediately preceding the alienation of the shares, rights, options or financial instruments. 6. Gains from the alienation of any property property, other than those that referred to in the preceding paragraphs 1, 2, 3 and 4, shall be taxable only in the Contracting State of which the alienator is a resident. 6. The provisions of paragraph 5 shall not affect the right of a Contracting State to levy, according to its law, a tax on gains from the alienation of any property derived by an individual who is a resident of the other Contracting State and has been a resident of the first- mentioned State at any time during the five years immediately preceding the alienation of the property.

CAPITAL GAINS. 1. Gains or income derived by a resident of a Contracting State from the alienation of immovable (real) property referred to in Article 6 and situated in the other Contracting State may be taxed in that other State. 2. For the purposes of this Article, the term "immovable (real) property situated in the other Contracting State" includes immovable (real) property referred to in Article 6 (Income From Immovable (Real) Property) which is situated in that other State. It also includes shares of stock of a company the property of which consists at least 50 percent of immovable (real) property situated in that other State, and an interest in a partnership, trust or estate to the extent that its assets consist of immovable (real) property situated in that other State. In the United States the term includes a "United States real property interest". 3. 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 State, or of movable property pertaining to a fixed base which is 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 with the whole enterprise) or of such fixed base, may be taxed in that other State. 34. Gains derived by an enterprise of a Contracting State operating ships or aircraft in international traffic from the alienation of ships ships, aircraft or aircraft containers operated or used in international traffic, traffic or movable property, including containers, property pertaining to the operation or use of such ships ships, aircraft or aircraft containers shall be taxable only in that State. 4. Gains derived by a resident of a Contracting State from the alienation of shares, other than shares traded on a recognised Stock Exchange, deriving at least three-quarters of their value directly or indirectly from immovable property situated in the other Contracting State, may be taxed in that other State. 5. Gains derived by an individual who is a resident Payments described in paragraph 3 of a Contracting State from Article 12 (Royalties) shall be taxable only in accordance with the alienation provisions of shares or other rights in a company which is a resident of the other Contracting State, as well as gains from the alienation of options or other financial instruments related to such shares or rights, may be taxed in that other State, but only if the alienator has been a resident of that other State at any time during the five years immediately preceding the alienation of the shares, rights, options or financial instrumentsArticle 12. 6. Gains from the alienation of any property other than those property referred to in the preceding paragraphs 1 through 5 shall be taxable only in the Contracting State of which the alienator is a resident.

CAPITAL GAINS. 1. Gains derived by a resident of a Contracting State from the alienation of immovable property referred to in paragraph 2 of Article 6 and situated in the other Contracting State may be taxed in that other State. 2. Gains from the alienation of movable property forming part of the business property of a permanent establishment which 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 performing independent personal services, including such gains from the alienation of such a permanent establishment (alone or with the whole enterprise) or of such a fixed base, base may be taxed in that other State. 3. Gains derived by an enterprise of a Contracting State from the alienation of ships or aircraft operated in international traffic, traffic or from movable property, including containers, property pertaining to the operation of such ships or aircraft shall be taxable only in that Statethe Contracting State in which the place of effective management of the enterprise is situated. 4. Gains derived by a resident of a Contracting State from the alienation of shares, of (a) shares (other than shares traded listed on an approved stock exchange in a recognised Stock Exchange, deriving at least three-quarters Contracting State) forming part of their a substantial interest in the capital stock of a company the value directly or indirectly of which shares is derived principally from immovable property situated in the other Contracting State, or (b) a substantial interest in a partnership, trust or estate, the value of which is derived principally from immovable property situated in that other State, may be taxed in that other State. For the purposes of this paragraph, the term "immovable property" does not include any property, other than rental property, in which the business of the company, partnership, trust or estate is carried on. 5. Gains derived by an individual who is Where a resident of a Contracting State from alienates property in the alienation course of shares a corporate or other rights organization, reorganization, amalgamation, division or similar transaction and profit, gain or income with respect to such alienation is not recognized for the purpose of taxation in a company which is a resident that State, if requested to do so by the person who acquires the property, the competent authority of the other Contracting StateState may agree, as well as gains from the alienation of options or other financial instruments related subject to terms and conditions satisfactory to such shares competent authority, to defer the recognition of the profit, gain or rights, may be taxed income with respect to such property for the purpose of taxation in that other State, but only if State until such time and in such manner as may be stipulated in the alienator agreement between the competent authority and the person acquiring the property. The competent authority of a Contracting State that has been a resident of that other State at any time during entered into such an agreement shall inform the five years immediately preceding the alienation competent authority of the shares, rights, options or financial instrumentsother Contracting State of the terms of such agreement. 6. Gains from the alienation of any property property, other than those referred to that mentioned in the preceding paragraphs 1, 2, 3 and 4 shall be taxable only in the Contracting State of which the alienator is a resident. 7. Where an individual who is a resident of a Contracting State and immediately thereafter becomes a resident of the other Contracting State, is treated by the first-mentioned Contracting State as having alienated property, and is taxed by that State in respect of gains accrued from such property as of the date of change of residence, the individual may elect in the other Contracting State in the individual’s return of income for the year of alienation to be liable to tax as if the individual has sold and repurchased the property for an amount equal to its fair market value at the date of change of residence.

CAPITAL GAINS. 1. Gains derived by a resident of a Contracting State from the alienation of immovable property referred to in Article 6 and situated in the other Contracting State State, may be taxed in that other 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 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 derived by an enterprise of a Contracting State from the alienation of ships ships, boats or aircraft operated in international traffic, traffic or movable property, including containers, property pertaining to the operation of such ships ships, boats or aircraft aircraft, shall be taxable only in that Statethe Contracting State in which the place of effective management of the enterprise is situated. 4. Gains derived by from the alienation of shares of the capital stock or other rights in a resident company the property of which consists, directly or indirectly principally of immovable property situated in a Contracting State or rights pertaining to such immovable property, may be taxed in that State. 5. Xxxxx from the alienation of shares, other than shares traded on those mentioned in paragraph 4 that represent a recognised Stock Exchange, deriving at least three-quarters participation of their value directly or indirectly from immovable property situated in more than 10 percent of the other stock of a company resident of a Contracting State, State may be taxed in that other State. 5. Gains derived by an individual who is a resident of a Contracting State from the alienation of shares or other rights in a company which is a resident of the other Contracting State, as well as gains from the alienation of options or other financial instruments related to such shares or rights, may be taxed in that other State, but only if the alienator has been a resident of that other State at any time during the five years immediately preceding the alienation of the shares, rights, options or financial instruments. 6. Gains from the alienation of any property other than those that referred to in the preceding paragraphs mentioned above, shall be taxable only in the Contracting State of which the alienator is a resident.

CAPITAL GAINS. 1. Gains derived by a resident of a Contracting State from the alienation of immovable property referred to in Article 6 and situated in the other Contracting State may be taxed in that other 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 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 derived by an enterprise of a Contracting State from the alienation of ships or aircraft operated in international traffic, or movable property, including containers, property pertaining to the operation of such ships or aircraft shall be taxable only in that Statethe Contracting State in which the place of effective management of the enterprise is situated. 4. Gains derived by a resident of a Contracting State from the alienation of of: (a) shares, other than shares traded quoted on a recognised Stock Exchangestock exchange, deriving at least three-quarters more than 50 per cent of their value directly or indirectly from immovable property situated in the other Contracting State; or (b) an interest in a partnership or trust deriving more than 50 per cent of its value directly or indirectly from immovable property situated in the other Contracting State, may be taxed in that other State. 5. Gains derived by an individual who is a resident of a Contracting State from the alienation of shares or other rights in a company which is a resident of the other Contracting State, as well as gains from the alienation of options or other financial instruments related to such shares or rights, may be taxed in that other State, but only if the alienator has been a resident of that other State at any time during the five years immediately preceding the alienation of the shares, rights, options or financial instruments. 6. Gains from the alienation of any property property, other than those that referred to in the preceding paragraphs 1, 2, 3 and 4, shall be taxable only in the Contracting State of which the alienator is a resident. 6. The provisions of paragraph 5 shall not affect the right of a Contracting State to levy, according to its law, a tax on gains from the alienation of any property derived by an individual who is a resident of the other Contracting State and has been a resident of the first-mentioned State at any time during the five years immediately preceding the alienation of the property.

CAPITAL GAINS. 1. Gains derived by a resident of a Contracting State from the alienation of immovable property referred to in Article 6 and situated in the other Contracting State may be taxed in that other 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 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 derived by an enterprise of a Contracting State from the alienation of ships or aircraft operated in international traffic, traffic or movable property, including containers, property pertaining to the operation of such ships or aircraft shall be taxable only in that Statethe Contracting State in which the place of effective management of the enterprise is situated. 4. Gains Notwithstanding the provisions of paragraph 5, gains from the alienation of any property situated in a Contracting State derived by an individual who has been a resident of a Contracting State from the alienation and who has become a resident of shares, other than shares traded on a recognised Stock Exchange, deriving at least three-quarters of their value directly or indirectly from immovable property situated in the other Contracting State, may be taxed in that other the first-mentioned State if the alienation of the property occurs within any period of five years next following the date on which the individual ceased to be a resident of the first mentioned State. 5. Gains derived by an individual who is a resident of a Contracting State from the alienation of shares or other rights in a company which is a resident of the other Contracting State, as well as gains from the alienation of options or other financial instruments related to such shares or rights, may be taxed in that other State, but only if the alienator has been a resident of that other State at any time during the five years immediately preceding the alienation of the shares, rights, options or financial instruments. 6. Gains from the alienation of any property other than those that referred to in the preceding paragraphs 1, 2 and 3 shall be taxable only in the Contracting State of which the alienator is a resident.

CAPITAL GAINS. 1. Gains derived by a resident of a Contracting State from the alienation of immovable property referred to in Article 6 and situated in the other Contracting State may be taxed in that other State. 2. Gains derived by a resident of a Contracting State from the alienation of shares (other than shares quoted on an approved stock exchange) or other rights of a similar nature, the value of which is derived principally from immovable property situated in the other Contracting State, may be taxed in the other Contracting State. For the purposes of this paragraph, the term “immovable property” also includes the shares of 3. 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 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. 34. Gains derived by an enterprise of a Contracting State from the alienation of ships or aircraft operated in international traffic, traffic or movable property, including containers, property pertaining to the operation of such ships or aircraft shall be taxable only in that State. 4. Gains derived by the Contracting State of which the enterprise is a resident and in which the place of a Contracting State from effective management of the alienation of shares, other than shares traded on a recognised Stock Exchange, deriving at least three-quarters of their value directly or indirectly from immovable property situated in the other Contracting State, may be taxed in that other Stateenterprise is situated. 5. Gains derived by an individual who is a resident of a Contracting State from the alienation of shares or other rights in a company which is a resident of the other Contracting State, as well as gains from the alienation of options or other financial instruments related to such shares or rights, may be taxed in that other State, but only if the alienator has been a resident of that other State at any time during the five years immediately preceding the alienation of the shares, rights, options or financial instruments. 6. Gains from the alienation of any property other than those that referred to in the preceding paragraphs 1, 2, 3 and 4, shall be taxable only in the Contracting State of which the alienator is a resident. 6. The provisions of paragraph 5 shall not affect the right of each of the Contracting States to levy according to its own law a tax on gains from the alienation of shares or “jouissance” rights in a company, the capital of which is wholly or partly divided into shares and which under the laws of that State is a resident of that State, derived by an individual who is a resident of the other Contracting State and has been a resident of the first-mentioned State in the course of the last five years preceding the alienation of the shares or “jouissance” rights.

CAPITAL GAINS. (1. ) Gains derived by a resident of a Contracting State from the alienation of immovable property referred to in Article 6 and situated in the other Contracting State may be taxed in that other State. (2. ) Gains from the alienation of shares, rights or an interest in a company, the assets of which consist more than 50 per cent of, or of rights in, immovable property situated in a Contracting State or of shares in a company the assets of which consist more than 50 per cent of, or of rights in, such immovable property situated in a State may be taxed in the State in which the immovable property is situated. (3) Subject to the provisions of paragraph 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 servicesState, including such gains 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. (4) Gains derived by an enterprise of a Contracting State from the alienation of ships or aircraft operated in international traffic, boats engaged in inland waterways transport or movable property, including containers, property pertaining to the operation of such ships ships, aircraft or aircraft boats, shall be taxable only in that Statethe Contracting State in which the place of effective management of the enterprise is situated. 4. Gains derived by a resident of a Contracting State from the alienation of shares, other than shares traded on a recognised Stock Exchange, deriving at least three-quarters of their value directly or indirectly from immovable property situated in the other Contracting State, may be taxed in that other State. (5. Gains derived by an individual who is a resident of a Contracting State from the alienation of shares or other rights in a company which is a resident of the other Contracting State, as well as gains from the alienation of options or other financial instruments related to such shares or rights, may be taxed in that other State, but only if the alienator has been a resident of that other State at any time during the five years immediately preceding the alienation of the shares, rights, options or financial instruments. 6. ) Gains from the alienation of any property other than those that referred to in the preceding paragraphs 1 to 4, shall be taxable only in the Contracting State of which the alienator is a resident. (6) Where an individual was a resident of a Contracting State for a period of 5 years or more and has become a resident of the other Contracting State, paragraph 5 shall not prevent the first- mentioned State from taxing under its domestic law the capital appreciation of shares in a company resident in the first-mentioned State for the period of residency of that individual in the first-mentioned State. In such case, the appreciation of capital taxed in the first-mentioned State shall not be included in the determination of the subsequent appreciation of capital by the other State.

CAPITAL GAINS. 1. Gains derived by a resident of a Contracting State from the alienation of immovable property referred to in Article 6 of this Convention and situated in the other Contracting State may be taxed in that other Contracting State. 2. Gains derived by a resident of a Contracting State from the alienation of movable shares or other comparable interests in a company deriving at least 50 per cent of its value directly or indirectly from immovable property referred to in Article 6 of this Convention and situated in the other Contracting Sta te may be taxed in that other Contracting State. 3. Gains derived by a resident of a Contracting State from the alienation of shares issued by a company being a resident of the other Contracting State may be taxed in that other Contracting State, if shares owned by the alienator (together with such shares owned by any other related or connected persons as may be aggregated therewith) amount to at least 25 per cent of the total issued shares of such company at any time during the taxable year in which the alienation takes place. 4. Gains from the alienation of any property, other than immovable 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 any property, other than immovable 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 with the whole enterprise) or of such a fixed base, may be taxed in that other Contracting State. 35. Gains derived by an enterprise of a Contracting State from the alienation of ships or aircraft operated by that enterprise in international traffic, traffic or movable any property, including containersother than immovable property, pertaining to the operation of such ships or aircraft shall be taxable only in that State. 4. Gains derived by a resident of a Contracting State from the alienation of shares, other than shares traded on a recognised Stock Exchange, deriving at least three-quarters of their value directly or indirectly from immovable property situated in the other Contracting State, may be taxed in that other State. 5. Gains derived by an individual who is a resident of a Contracting State from the alienation of shares or other rights in a company which is a resident of the other Contracting State, as well as gains from the alienation of options or other financial instruments related to such shares or rights, may be taxed in that other State, but only if the alienator has been a resident of that other State at any time during the five years immediately preceding the alienation of the shares, rights, options or financial instruments. 6. Gains from the alienation of any property other than those that referred to in the preceding paragraphs of this Article shall be taxable only in the Contracting State of which the alienator is a resident.

CAPITAL GAINS. 1. Gains derived by a resident of a Contracting State from the alienation of immovable property referred to in Article 6 of this Convention and situated in the other Contracting State may be taxed in that other 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 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 Contracting State. 3. Gains derived by an enterprise of a Contracting State from the alienation of ships or aircraft operated in international traffic, or movable property, including containers, property pertaining to the operation of such ships or aircraft aircraft, shall be taxable only in that Statethe Contracting State in which the place of effective management of the enterprise is situated. 4. Gains derived by a resident of a Contracting State from the alienation of shares, other shares deriving more than shares traded on a recognised Stock Exchange, deriving at least three-quarters 50 per cent of their value directly or indirectly from immovable property situated in the other Contracting State, State may be taxed in that other Contracting State. 5. Gains derived by an individual who is a resident of a Contracting State from the alienation of shares other than those mentioned in paragraph (4) of this Article representing a participation of 20 per cent or other rights more in a company which is a resident of the other a Contracting State, as well as gains from the alienation of options or other financial instruments related to such shares or rights, State may be taxed in that other Contracting State, but only if the alienator has been a resident of that other State at any time during the five years immediately preceding the alienation of the shares, rights, options or financial instruments. 6. Gains from the alienation of any property property, other than those that referred to in the preceding paragraphs shall be taxable only in the Contracting State of which the alienator is a resident.

CAPITAL GAINS. 1. Gains derived by a resident of a Contracting State one of the States from the alienation of immovable property referred to in Article 6 and situated in the other Contracting State may be taxed in that other 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 one of the States has in the other Contracting State or of movable property pertaining to a fixed base available to a resident of a Contracting State one of the States 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 with the whole enterprise) or of such fixed base, may be taxed in that other State. 3. Gains derived by an enterprise of a Contracting State from the alienation of ships or aircraft operated in international traffic, traffic or movable property, including containers, property pertaining to the operation of such ships or aircraft aircraft, shall be taxable only in that Statethe State in which the place of effective management of the enterprise is situated. For the purposes of this paragraph, the provisions of paragraph 3 of Article 8A shall apply. 4. Gains derived by a resident of a Contracting State from one of the alienation of shares, other than shares traded on a recognised Stock Exchange, deriving at least three-quarters of their value directly or indirectly from immovable property situated in the other Contracting State, may be taxed in that other State. 5. Gains derived by an individual who is a resident of a Contracting State States from the alienation of shares or (other rights than shares quoted on an approved stock exchange) forming part of a substantial interest in the capital stock of a company which is a resident of the other Contracting State, as well as gains the value of which shares is derived principally from immovable property situated in that other State other than property in which the alienation business of options or other financial instruments related to such shares or rightsthe company was carried on, may be taxed in that other State, but only if . A substantial interest exists when the alienator has been a resident of that other State at any time during the five years immediately preceding the alienation owns 25 per cent or more of the shares, rights, options or financial instrumentsshares of the capital stock of a company. 65. Gains from the alienation of any property other than those that referred to in the preceding paragraphs 1, 2, 3 and 4 shall be taxable only in the Contracting State of which the alienator is a resident. However, gains from the alienation of shares issued by a company resident in the other State which shares form part of at least a 10 per cent interest in the capital stock of that company, may be taxed in that other State if the alienation takes place to a resident of that other State. However, such gains shall remain taxable only in the State of which the alienator is a resident if such gains are realised in the course of a corporate organisation, reorganization, amalgamation, division or similar transaction, and the buyer or the seller owns at least 10 per cent of the capital of the other. 6. The provisions of paragraph 3 shall not affect the right of each of the States to levy according to its own law at tax on gains from the alienation of shares or 'jouissance' rights in a company, the capital of which is wholly or partly divided into shares and which under the laws of that State is a resident of that State, derived by an individual who is a resident of the other State and has been a resident of the first-mentioned State in the course of the last five years preceding the alienation of the shares or 'jouissance' rights.

CAPITAL GAINS. 1. Gains derived by a resident of a Contracting State from the alienation of immovable property referred to in Article 6 and situated in the other Contracting State may be taxed in that other 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 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 derived by an enterprise of a Contracting State from the alienation of ships or aircraft operated in international traffic, or movable property, including containers, property pertaining to the operation of such ships or aircraft shall be taxable only in that Statethe Contracting State of which the alienator is a resident. 4. Gains derived by a resident of a Contracting State from the alienation of shares, other shares deriving more than shares traded on a recognised Stock Exchange, deriving at least three-quarters 50 per cent of their value directly or indirectly from immovable property situated in the other Contracting State, State or any other right pertaining to such immovable property may be taxed in that other State. 5. Gains derived by an individual who is a resident of a Contracting State from the alienation of shares or other rights than those mentioned in paragraph 4 in a company which is a resident of the other a Contracting State, as well as gains from the alienation of options or other financial instruments related to such shares or rights, State may be taxed in that other State, but only if the alienator has been a resident of that other State at any time during the five years immediately preceding the alienation of the shares, rights, options or financial instruments. 6. Gains from the alienation of any property other than those that referred to in the preceding paragraphs 1, 2, 3, 4 and 5, shall be taxable only in the Contracting State of which the alienator is a resident. 1. Income derived by an individual who is a resident of a Contracting State from the performance of professional services or other independent activities of a similar character shall be taxable only in that State except in the following circumstances when such income may also be taxed in the other Contracting State: (a) if he has a fixed base regularly available to him in the other Contracting State for the purpose of performing his activities; in that case, only so much of the income as is attributable to that fixed base may be taxed in that other State; or (b) if his stay in the other Contracting State is for a period or periods amounting to or exceeding in the aggregate 183 days in any period of twelve months commencing or ending in the fiscal year concerned; in that case, only so much of the income as is derived from his activities performed in that other State may be taxed in that other State. 2. The term "professional services" includes especially independent scientific, literary, artistic, educational or teaching activities as well as the independent activities of physicians, lawyers, engineers, architects, surgeons, dentists and accountants.

CAPITAL GAINS. 1. Gains derived by a resident of a Contracting State from the alienation of immovable property referred to in paragraph 2 of Article 6 and situated in the other Contracting State or shares in a company the assets of which consist mainly of such property may be taxed in that other 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 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 derived by an enterprise of a Contracting State from the alienation of ships or aircraft operated in international traffic, traffic or movable property, including containers, property pertaining to the operation of such ships or aircraft aircraft, shall be taxable only in that State. 4. Gains from the alienation of any property other than that referred to in the preceding paragraphs of this Article, shall be taxable only in the Contracting State of which the alienator is a resident. 5. With respect to gains derived by an air transport consortium formed by companies from different countries, the provisions of paragraph 3 shall apply only to such part of the gains as relate to the participation held in that consortium by a company that is a resident of a Contracting State from the alienation of shares, other than shares traded on a recognised Stock Exchange, deriving at least three-quarters of their value directly or indirectly from immovable property situated in the other Contracting State, may be taxed in that other State. 56. Gains derived by Where an individual who is a resident of a Contracting State from the alienation of shares or other rights in a company which is and immediately thereafter becomes a resident of the other Contracting State, is treated by the first-mentioned Contracting State as well having alienated shares and is taxed by that State in respect of gains on such shares as of the date of change of residence, such individual may elect in the other Contracting State in his annual return of income for the year of alienation to be liable to tax as if he had purchased the shares for an amount equal to the amount used as sales price in the first-mentioned State when it made the final assessment of its gains tax. 7. Notwithstanding the provisions of paragraph 4, a Contracting State may tax gains derived by an individual of the other Contracting State from the alienation of shares or other corporate rights in an entity which is a resident of the first-mentioned State, and gains from the alienation of any other security which are subjected in that State to the same taxation treatment as gains from the alienation of options such share or other financial instruments related to such shares or rights, may be taxed in that other Stateright, but only if the alienator has been a resident of that other the first-mentioned State at any time during the five years immediately preceding the alienation of the shares, rights, options rights or financial instrumentssecurities. 6. Gains from the alienation of any property other than those referred to in the preceding paragraphs shall be taxable only in the Contracting State of which the alienator is a resident.

CAPITAL GAINS. 1. Gains derived by a resident of a Contracting State from the alienation of immovable property referred to in Article 6 and situated in the other Contracting State may be taxed in that other State. 2. Gains from the alienation of shares, rights or an interest in a company, in any other legal person or in a partnership, the assets of which consist principally of, or of rights in, immovable property situated in a State or of shares in a company the assets of which consist principally of, or of rights in, such immovable property situated in a State may be taxed in the State in which the immovable property is situated where, under the laws of that State, such gains are subject to the same taxation rules as gains from alienation of immovable property. 3. Gains, other than those dealt with in paragraph 2 of this Article, 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 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. 34. Gains derived by an enterprise of a Contracting State from the alienation of ships or aircraft operated in international traffic, or of movable property, including containers, property pertaining to the operation of such ships or aircraft aircraft, shall be taxable only in that State. 4. Gains derived by a resident of a the Contracting State from in which the alienation place of shares, other than shares traded on a recognised Stock Exchange, deriving at least three-quarters effective management of their value directly or indirectly from immovable property situated in the other Contracting State, may be taxed in that other Stateenterprise is situated. 5. Gains derived by an individual who is a resident of a Contracting State from the alienation of shares or other rights in a company which is a resident of the other Contracting State, as well as gains from the alienation of options or other financial instruments related to such shares or rights, may be taxed in that other State, but only if the alienator has been a resident of that other State at any time during the five years immediately preceding the alienation of the shares, rights, options or financial instruments. 6. Gains from the alienation of any property property, other than those that referred to in the preceding paragraphs of this Article, shall be taxable only in the Contracting State of which the alienator is a resident.

CAPITAL GAINS. 1. Gains derived by a resident of a Contracting State from the alienation of immovable property referred to in paragraph 2 of Article 6 and situated in the other Contracting State or shares in a company the assets of which consist mainly of such property may be taxed in that other 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 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 derived by an enterprise of a Contracting State from the alienation of ships or aircraft operated in international traffic, traffic or movable property, including containers, property pertaining to the operation of such ships or aircraft aircraft, shall be taxable only in that State. 4. Gains derived by a resident of a Contracting State from the alienation of shares, other than shares traded on a recognised Stock Exchange, deriving at least three-quarters of their value directly or indirectly from immovable property situated in the other Contracting State, may be taxed in that other State. 5. Gains derived by an individual who is a resident of a Contracting State from the alienation of shares or other rights in a company which is a resident of the other Contracting State, as well as gains from the alienation of options or other financial instruments related to such shares or rights, may be taxed in that other State, but only if the alienator has been a resident of that other State at any time during the five years immediately preceding the alienation of the shares, rights, options or financial instruments. 6. Gains from the alienation of any property other than those that referred to in the preceding paragraphs of this Article, shall be taxable only in the Contracting State of which the alienator is a resident. 5. With respect to gains derived by an air transport consortium formed by companies from different countries, the provisions of paragraph 3 shall apply only to such part of the gains as relates to the participation held in that consortium by a company that is a resident of a Contracting State. 6. Where an individual who is a resident of a Contracting State and immediately thereafter becomes a resident of the other Contracting State, is treated by the first- mentioned Contracting State as having alienated shares and is taxed by that State in respect of gains on such shares as of the date of change of residence, such individual may elect in the other Contracting State in his annual return of income for the year of alienation to be liable to tax as if he had purchased the shares for an amount equal to the amount used as sales price in the first-mentioned State when it made the final assessment of its gains tax. 7. Notwithstanding the provisions of paragraph 4, a Contracting State may tax gains derived by an individual of the other Contracting State from the alienation of shares or other corporate rights in an entity which is a resident of the first-mentioned State, and gains from the alienation of any other security which are subjected in that State to the same taxation treatment as gains from the alienation of such share or other right, but only if the alienator has been a resident of the first-mentioned State at any time during the ten years immediately preceding the alienation of the shares, rights or securities.

CAPITAL GAINS. 1. Gains derived by a resident of a Contracting State from the alienation of immovable property referred to in Article 6 and situated in the other Contracting State may be taxed in that other 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 from the alienation of such a permanent establishment (alone or with the whole enterprise) or of such a fixed base, may be taxed in that other State. 3. Gains derived by an enterprise of a Contracting State from the alienation of ships or aircraft operated in international traffic, or movable property, including containers, property pertaining to the operation of such ships or aircraft aircraft, shall be taxable only in that Statethe Contracting State in which the place of effective management of the enterprise is situated. 4. Gains derived by a resident of a Contracting State from the alienation of shares, other shares deriving more than shares traded on a recognised Stock Exchange, deriving at least three-quarters 50 per cent of their value directly or indirectly from immovable property situated in the other Contracting State, State may be taxed in that other State. 5. Gains derived by an individual who is a resident of a Contracting State from the alienation of shares or other rights in of a company which is a resident of the other Contracting State, as well as gains from the alienation of options or other financial instruments related to such shares or rights, State may be taxed in that other State, but only Contracting State if the alienator has been a resident recipient of that other State the gain, at any time during the five years immediately twelve month period preceding such alienation, had a participation, directly or indirectly, of at least 25 per cent in the capital of that company. 6. However, the provisions of paragraphs 4 and 5 shall not apply to gains derived from the alienation of shares: a) quoted on a recognised stock exchange, provided that the total of the shares alienated by the resident during the fiscal year in which the alienation takes place does not exceed 3 per cent of the quoted shares; or b) held by the Government of a Contracting State, rightsany of its institutions or any other entity the capital of which is wholly owned by that Contracting State, options provided that such institution or financial instrumentsentity is a resident of that Contracting State. 67. Gains from the alienation of any property property, other than those that referred to in the preceding paragraphs 1 to 5, shall be taxable only in the Contracting State of which the alienator is a resident.

CAPITAL GAINS. 1. Gains derived by a resident of a Contracting State from the alienation of immovable property referred to in Article 6 and situated in the other Contracting State may be taxed in that other 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 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 derived by an enterprise of a Contracting State from the alienation of ships or aircraft operated in international traffic, or movable property, including containers, property pertaining to the operation of such ships or aircraft shall be taxable only in that Statethe Contracting State in which the profits of the enterprise are taxable according to Article 8 of this Convention. 4. Gains derived by a resident of a Contracting State from the alienation of shares, other than shares traded on a recognised Stock Exchange, deriving at least three-quarters of their value directly or indirectly from immovable property situated in the other Contracting State, may be taxed in that other State. 5. Gains derived by an individual who is a resident of a Contracting State from the alienation of shares or other corporate rights in a company an entity which is a resident of the other Contracting State, as well and gains from the alienation of any other security which are subjected in that other State to the same taxation treatment as gains from the alienation of options or other financial instruments related to such shares or rights, other rights may be taxed in that other Contracting State, but only if if: a. the alienator has been a resident of that other Contracting State at any time during the five years immediately preceding the alienation of the shares, rightsrights or security; and b. the alienator was the beneficial owner of the above mentioned shares or rights while a resident of that other State. 5. Gains from the alienation of any business property or property used for economic purposes, options or financial instrumentsother than those referred to in paragraphs 1 and 2 shall be taxable only in the Contracting State of which the alienator is a resident. 6. Gains derived by a resident of a Contracting State from the alienation in the other Contracting State of any property situated in that other State, other than that referred to in the preceding paragraphs of this Article, may be taxed in both Contracting States in accordance with their laws in force. 7. Gains from the alienation of any property other than those referred to in the preceding paragraphs shall be taxable only in the Contracting State of which the alienator is a resident.

CAPITAL GAINS. 1. Gains derived by a resident of a Contracting State from the alienation of immovable property referred to in Article 6 and situated in the other Contracting State may be taxed in that other 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 from the alienation of such a permanent establishment (alone or with the whole enterprise) or of such a fixed base, base may be taxed in that other State. 3. Gains derived by an enterprise of a Contracting State from the alienation of ships or aircraft operated operated, or containers used, in international traffic, traffic or movable property, including containers, property pertaining to the operation of such ships or aircraft aircraft, shall be taxable only in that State. 4. Gains derived by a resident of a Contracting State from the alienation of shares, of: (a) shares (other than shares traded listed on an approved stock exchange in the other Contracting State) forming part of a recognised Stock Exchangesubstantial interest in the capital stock of a company which is a resident of that other State the value of which shares is derived principally from immovable property situated in that other State; or (b) an interest in a partnership, deriving at least three-quarters trust or estate the value of their value directly or indirectly which is derived principally from immovable property situated in the other Contracting State, may be taxed in that other State. For the purposes of this paragraph, the term "immovable property" does not include property (other than rental property) in which the business of the company, partnership, trust or estate is carried on; and a substantial interest in the capital stock of a company exists when the resident and persons related thereto own 10 per cent or more of the shares of any class of the capital stock of a company. 5. Gains derived by an individual who is Where a resident of a Contracting State from alienates property in the course of an organization, reorganization, amalgamation, division or similar transaction and profit, gain or income with respect to such alienation is not recognized for the purpose of shares or other rights taxation in a company which is a resident that State, if requested to do so by the person who acquires the property, the competent authority of the other Contracting StateState may agree, as well as gains from the alienation of options or other financial instruments related subject to terms and conditions satisfactory to such shares competent authority, to defer the recognition of the profit, gain or rights, may be taxed income with respect to such property for the purpose of taxation in that other State, but only if the alienator has been a resident of that other State at any time during the five years immediately preceding the alienation of the shares, rights, options or financial instruments. 6. Gains from the alienation of any property property, other than those referred mentioned in paragraphs 1 to in the preceding paragraphs 4 shall be taxable only in the Contracting State of which the alienator is a resident. 7. In the case of an individual who has been a resident of a Contracting State and who has become a resident of the other Contracting State: (a) the provisions of paragraph 6 shall not affect the right of either of the Contracting States to levy, according to its law, a tax on gains from the alienation of any property derived by such individual at any time during the ten years following the date on which the individual has ceased to be a resident of the first-mentioned State; (b) where that individual is treated for the purposes of taxation in the first-mentioned State as having alienated a property and is taxed in that State by reason thereof, the individual may elect to be treated for the purposes of taxation in the other State as if the individual had, immediately before becoming a resident of that State, sold and repurchased the property for an amount equal to its fair market value at that time. However, this provision shall not apply to property any gain from which, arising immediately before the individual became a resident of that other State, may be taxed in that other State nor to immovable property situated in a third State.

CAPITAL GAINS. 1. Gains derived by a resident of a Contracting State from the alienation of immovable property referred to in Article 6 and situated in the other Contracting State may be taxed in that other Contracting 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 from the alienation of such a permanent establishment (alone or together with the whole enterprise) or of such fixed basea fixed 3. Notwithstanding the provisions of paragraph 2, may interest arising in a Contracting State shall be taxed exempt from tax in that state if the interest is paid to: (a) the Govenment of the other Contracting State, a local authority and the central bank thereof or any financial institution wholly owned by that Government; (b) any resident of that other state with respect to debt-claims indirectly financed by the Government of that other State. 3. Gains derived , a local authority and the cenrtal bank thereof or any financial institution wholly owned by an enterprise of a Contracting State from the alienation of ships or aircraft operated in international traffic, or movable property, including containers, pertaining to the operation of such ships or aircraft shall be taxable only in that StateGovernment. 4. Gains derived The term “interest” as used in this Article means income from Government securities, bonds or debentures, whether or not secured by mortgage and whether or not carrying a right to participate in profits, and debt-claims of every kind. 5. The provisions of paragraphs from 1 to 3 shall not apply if the beneficial owner of the interest, being a resident of a Contracting State from the alienation of sharesState, other than shares traded carries on a recognised Stock Exchange, deriving at least three-quarters of their value directly or indirectly from immovable property situated business in the other Contracting State, may be taxed in which the interest arises, through a permanent establishment situated therein, or performs in that other StateState independent personal services from a fixed base situated therein, and the debt-claim in respect of which the interest is paid is effectively connected with such permanent establishment or fixed base. In such case the provisions of Article 7 or Article 14, as the case may be, shall apply. 56. Gains derived by an individual who Interest shall be deemed to arise in a Contracting State when the payer is that State itself, a political or administrative subdivision, a local authority or a resident of that State. Where, however, the person paying the interest, whether he is a resident of a Contracting State from the alienation of shares or other rights not, has in a company Contracting State a permanent establishment or a fixed base, in connection with which the indebtedness on which the interest is a resident of the other Contracting Statepaid was incurred, as well as gains from the alienation of options and such interest is borne by such permanent establishment or other financial instruments related to fixed base, then such shares or rights, may be taxed in that other State, but only if the alienator has been a resident of that other State at any time during the five years immediately preceding the alienation of the shares, rights, options or financial instruments. 6. Gains from the alienation of any property other than those referred to in the preceding paragraphs interest shall be taxable only deemed to arise in the Contracting State of in which the alienator permanent establishment or fixed base is situated. 7. Where, by reason of a residentspecial relationship between the payer and the beneficial owner or between both of them and some other person, the amount of the interest, having regard to the debt-claim for which it is paid, exceeds the amount which would have been argeed upon by the payer and the beneficial owner in the absence of such relationship, the provisions of this Article shall apply only to the last-mentioned amount. In such case, the excess part of the payments shall remain taxable according to the laws of each Contracting State, due regard being had to the other provisions of this Agreement.

CAPITAL GAINS. 1. Gains derived by a resident of a Contracting State from the alienation of immovable property referred to in Article 6 and situated in the other Contracting State may be taxed in that other 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 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 Contacting State. 3. Gains derived by an enterprise of a Contracting State from the alienation of ships or aircraft operated in international traffic, traffic or movable property, including containers, property pertaining to the operation of such ships or aircraft shall be taxable only in that Statethe Contracting State in which the place of effective management of the enterprise is situated. 4. Gains derived by a resident of a Contracting State from the alienation of shares, company shares (other than shares traded listed on an approved stock exchange) or other participation rights in a recognised Stock Exchangecompany, deriving at least three-quarters the property of their value which consists, directly or indirectly from indirectly, mainly of immovable property situated in a Contracting State may be taxed in that State. Gains from the alienation of shares or other rights, which directly or indirectly entitle the owner of such shares or rights to the enjoyment of immovable property situated in a Contracting State, may be taxed in that other State. 5. Gains derived by an individual who is a resident of a Contracting State from the alienation of shares or other rights forming part of a substantial participation in a company which is a resident of the other a Contracting State, as well as gains from the alienation of options or other financial instruments related to such shares or rights, State may be taxed in that other State, but only if the alienator has been a resident of that other State at any time during the five years immediately preceding the alienation of the shares, rights, options or financial instruments. 6. Gains from the alienation of any property other than those that referred to in the preceding paragraphs 1, 2, 3, 4 and 5 shall be taxable only in the Contracting State of which the alienator is a resident.

CAPITAL GAINS. 1. Gains derived by a resident of a Contracting State from the alienation of immovable property referred to in Article 6 (Income from Immovable Property) and situated in the other Contracting State may be taxed in that other State. 2. Gains derived by a resident of a Contracting State from the alienation of: a) shares, other than shares in which there is substantial and regular trading on an approved Stock Exchange, deriving their value or the greater part of their value directly or indirectly from immovable property situated in the other Contracting State, or b) an interest in a partnership or trust the assets of which consist principally of immovable property situated in the other Contracting State, or of shares referred to in subparagraph a) above, may be taxed in that other State. For the purposes of this paragraph, the term "immovable property" includes the shares of a company referred to in subparagraph a) or an interest in a partnership or trust referred to in subparagraph b) but does not include any property, other than rental property, in which the business of the company, partnership or trust is carried on. 3. Gains from the alienation of movable property forming part of the business property of a permanent establishment which an enterprise of a resident 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 with the whole enterprise) or of such a fixed base, may be taxed in that other State. 34. Gains derived by an enterprise a resident of a Contracting State from the alienation of ships or aircraft operated in international traffic, or movable property, including containers, property pertaining to the operation of such ships or aircraft aircraft, shall be taxable only in that State. 4. Gains derived by a resident of a Contracting State from the alienation of shares, other than shares traded on a recognised Stock Exchange, deriving at least three-quarters of their value directly or indirectly from immovable property situated in the other Contracting State, may be taxed in that other State. 5. Gains derived by an individual who is a resident of a Contracting State from the alienation of shares or other rights in a company which is a resident of the other Contracting State, as well as gains from the alienation of options or other financial instruments related to such shares or rights, may be taxed in that other State, but only if the alienator has been a resident of that other State at any time during the five years immediately preceding the alienation of the shares, rights, options or financial instruments. 6. Gains from the alienation of any property property, other than those that referred to in the preceding paragraphs 1, 2, 3 and 4 shall be taxable only in the Contracting State of which the alienator is a resident. 6. The provisions of paragraph 5 shall not affect the right of a Contracting State to levy, according to its law, a tax on gains from the alienation of any property derived by an individual who is a resident of the other Contracting State and has been a resident of the first-mentioned State at any time during the six years immediately preceding the alienation of the property.

CAPITAL GAINS. 1. Gains derived by a resident of a Contracting State from the alienation of immovable property referred to in Article 6 and situated in the other Contracting State may be taxed in that other 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 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 derived by an enterprise of a Contracting State from the alienation of ships ships, aircraft or aircraft boats engaged in inland waterways transport operated in international traffic, or movable property, including containers, property pertaining to the operation of such ships ships, aircraft or aircraft boats, shall be taxable only in that Statethe Contracting State in which the place of effective management of the enterprise is situated. For the purposes of this paragraph the provisions of paragraph 3 of Article 8 shall apply. 4. Gains derived by a resident of a Contracting State from the alienation of shares, other than shares traded on a recognised Stock Exchange, deriving at least three-quarters of their value directly or indirectly from immovable property situated in the other Contracting State, may be taxed in that other State. 5. Gains derived by an individual who is a resident of a Contracting State from the alienation of shares or other rights in a company which is a resident of the other Contracting State, as well as gains from the alienation of options or other financial instruments related to such shares or rights, may be taxed in that other State, but only if the alienator has been a resident of that other State at any time during the five years immediately preceding the alienation of the shares, rights, options or financial instruments. 6. Gains from the alienation of any property other than those that referred to in the preceding paragraphs 1, 2 and 3 shall be taxable only in the Contracting State of which the alienator is a resident. 5. The provisions of paragraph 4 shall not affect the right of each of the Contracting States to levy according to its own law a tax on gains from the alienation of shares or “jouissance” rights in a company, the capital of which is wholly or partly divided into shares and which under the laws of that State is a resident of that State, derived by an individual who is a resident of the other Contracting State and has been a resident of the first-mentioned State in the course of the last ten years preceding the alienation of the shares or “jouissance” rights. In case where, under the domestic laws of the first-mentioned Contracting State, an assessment has been issued to the individual in respect of the alienation of the aforesaid shares deemed to have taken place at the time of his emigration from the first-mentioned Contracting State, the above shall apply only in so far as part of the assessment is still outstanding.

CAPITAL GAINS. 1. Gains derived by a resident of a Contracting State from the alienation of immovable property referred to in Article 6 and situated in the other Contracting State may be taxed in that other State. 2. Gains derived by a resident of a Contracting State from the alienation of shares or comparable interests deriving more than 50 per cent of their value directly or indirectly from immovable property situated in the other Contracting State may be taxed in that other State. 3. Gains, other than those dealt with in paragraph 2, 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 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. 34. Gains derived by an enterprise of a Contracting State from the alienation of ships or aircraft operated in international traffic, traffic or movable property, including containers, property pertaining to the operation of such ships or aircraft shall be taxable only in that State. 4. Gains derived by a resident of a Contracting State from the alienation of shares, other than shares traded on a recognised Stock Exchange, deriving at least three-quarters of their value directly or indirectly from immovable property situated in the other Contracting State, may be taxed in that other State. 5. Gains derived by an individual who is a resident of a Contracting State from the alienation of shares or other rights in a company which is a resident of the other Contracting State, as well as gains from the alienation of options or other financial instruments related to such shares or rights, may be taxed in that other State, but only if the alienator has been a resident of that other State at any time during the five years immediately preceding the alienation of the shares, rights, options or financial instruments. 6. Gains from the alienation of any property other than those that referred to in the preceding paragraphs 1, 2, 3 and 4, shall be taxable only in the Contracting State of which the alienator is a resident. 1. Income derived by a resident of a Contracting State in respect of professional services or other activities of an independent character shall be taxable only in that State unless he has a fixed base regularly available to him in the other Contracting State for the purpose of performing his activities. If he has such fixed base, the income may be taxed in the other State but only so much of it as is attributable to that fixed base. 2. The term “professional services” includes especially independent scientific, literary, artistic, educational or teaching activities as well as the independent activities of physicians, engineers, architects, dentists and accountants.

CAPITAL GAINS. 1. Gains derived by a resident of a Contracting State from the alienation of immovable property referred to in Article 6 and situated in the other Contracting State may be taxed in that other 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 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 Contracting State. 3. Gains derived by an enterprise of a Contracting State from the alienation of ships or aircraft operated in international traffic, traffic or movable property, including containers, property pertaining to the operation of such ships or aircraft shall be taxable only in that Statethe Contracting State in which the place of effective management of the enterprise is situated. 4. Gains derived by a resident of a Contracting State from the alienation of shares, shares or any other kind of participation deriving more than shares traded on a recognised Stock Exchange, deriving at least three-quarters 50 per cent of their value directly or indirectly from immovable property situated in the other Contracting State, State may be taxed in that other State. 5. Gains derived by an individual who is a resident of a Contracting State from the alienation of shares or other rights in a company rights, which is a resident directly or indirectly entitle the owner of the other Contracting State, as well as gains from the alienation of options or other financial instruments related to such shares or rightsrights to the enjoyment of immovable property situated in a Contracting State, may be taxed in that other State, but only if the alienator has been a resident of that other State at any time during the five years immediately preceding . 5. Gains from the alienation of the shares, rightsother than those mentioned in paragraph 4 a) of this Article, options or financial instrumentsforming part of a substantial participation in the capital of a company resident in a Contracting State and non listed in a Stock Exchange of either of the Contracting States, may be taxed in that Contracting State. A person is considered to have a substantial participation when this participation is, at least, 25 per cent of the capital of that company. 6. Gains from the alienation of any property other than those that referred to in the preceding 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.

CAPITAL GAINS. 1. Gains derived by a resident of a Contracting State from the alienation of immovable property referred to in Article 6 and situated in the other Contracting State may be taxed in that other 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 from to 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 derived by an enterprise of a Contracting State from the alienation of ships or aircraft operated in international traffic, traffic or movable property, including containers, property pertaining to the operation of such ships or aircraft aircraft, shall be taxable only in that Statethe Contracting State in which the place of effective management of the enterprise is situated. For the purposes of this paragraph the provisions of paragraph 2 of Article 8 apply. 4. Gains derived by a resident of a Contracting State from the alienation of shares, other than shares traded on a recognised Stock Exchange, deriving at least three-quarters of their value directly or indirectly from immovable property situated in the other Contracting State, may be taxed in that other State. 5. Gains derived by an individual who is a resident of a Contracting State from the alienation of shares or other rights in a company which is a resident of the other Contracting State, as well as gains from the alienation of options or other financial instruments related to such shares or rights, may be taxed in that other State, but only if the alienator has been a resident of that other State at any time during the five years immediately preceding the alienation of the shares, rights, options or financial instruments. 6. Gains from the alienation of any property other than those that referred to in the preceding paragraphs 1, 2 and 3 shall be taxable only in the Contracting State of which the alienator is a resident. 5. Notwithstanding the provisions of paragraph 4, a Contracting State may, in accordance with its own laws, including the interpretation of the term “alienation”, levy tax on gains derived by an individual who is a resident of the other Contracting State from the alienation of shares in, “jouissance” rights or debt claims on a company whose capital is divided into shares and which, under the laws of the first- mentioned Contracting State, is a resident of that State, and from the alienation of part of the rights attached to the said shares, “jouissance” shares or debt claims, if that individual -- either alone or with his or her spouse -- or one of their relations by blood or marriage in the direct line directly or indirectly holds at least 5 per cent of the issued capital of a particular class of shares in that company. This provision shall apply only if the individual who derives the gains has been a resident of the first- mentioned State in the course of the last ten years preceding the year in which the gains are derived and provided that, at the time he became a resident of the other Contracting State, the above- mentioned conditions regarding share ownership in the said company were satisfied. In cases where, under the domestic laws of the first-mentioned Contracting State, an assessment has been issued to the individual in respect of the alienation of the aforesaid shares deemed to have taken place at the time of his emigration from the first-mentioned Contracting State, the above shall apply only in so far as part of the assessment is still outstanding.

CAPITAL GAINS. 1. Gains derived by a resident of a Contracting State from the alienation of immovable property referred to in Article 6 and situated in the other Contracting State may be taxed in that other 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 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 derived by an enterprise of a Contracting State from the alienation of ships or aircraft operated in international traffic, or movable property, including containers, property pertaining to the operation of such ships or aircraft shall be taxable only in that Statethe Contracting State in which the place of effective management of the enterprise is situated. 4. Gains derived by a resident of a Contracting State from the alienation of of: (a) shares, other than shares traded quoted on a recognised Stock Exchangestock exchange, deriving at least three-quarters more than 50 per cent of their value directly or indirectly from immovable property situated in the other Contracting State, may be taxed in that other State.; or 5. Gains derived by (b) an individual who is a resident of a Contracting State from the alienation of shares or other rights interest in a company which is a resident partnership or trust deriving more than 50 per cent of its value directly or indirectly from immovable property situated in the other Contracting State, as well as gains from the alienation of options or other financial instruments related to such shares or rights, may be taxed in that other State, but only if the alienator has been a resident of that other State at any time during the five years immediately preceding the alienation of the shares, rights, options or financial instruments., 65. Gains from the alienation of any property property, other than those that referred to in the preceding paragraphs 1, 2, 3 and 4, shall be taxable only in the Contracting State of which the alienator is a resident. 6. The provisions of paragraph 5 shall not affect the right of a Contracting State to levy, according to its law, a tax on gains from the alienation of any property derived by an individual who is a resident of the other Contracting State and has been a resident of the first-mentioned State at any time during the five years immediately preceding the alienation of the property.

CAPITAL GAINS. 1. Gains derived by a resident of a Contracting State from the alienation of immovable property referred to in Article 6 and situated in the other Contracting State may be taxed in that other 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 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 derived by an enterprise of a Contracting State from the alienation of ships ships, aircraft or aircraft railway vehicles operated in international traffic, traffic or movable property, including containers, property pertaining to the operation of such ships ships, aircraft or aircraft railway vehicles, shall be taxable only in that Statethe Contracting State in which the place of effective management of the enterprise is situated. For the purposes of this paragraph the provisions of paragraph 2 of Article 8 shall apply. 4. Gains derived by a resident of a Contracting State from the alienation of shares, other than shares traded on a recognised Stock Exchange, deriving at least three-quarters of their value directly or indirectly from immovable property situated in the other Contracting State, may be taxed in that other State. 5. Gains derived by an individual who is a resident of a Contracting State from the alienation of shares or other rights in a company which is a resident of the other Contracting State, as well as gains from the alienation of options or other financial instruments related to such shares or rights, may be taxed in that other State, but only if the alienator has been a resident of that other State at any time during the five years immediately preceding the alienation of the shares, rights, options or financial instruments. 6. Gains from the alienation of any property other than those that referred to in the preceding paragraphs 1, 2 and 3, shall be taxable only in the Contracting State of which the alienator is a resident. 5. The provisions of paragraph 4 shall not affect the right of each of the Contracting States to levy according to its own law a tax on gains from the alienation of shares or “jouissance" rights in a company, the capital of which is wholly or partly divided into shares and which under the laws of that State is a resident of that State, derived by an individual who is a resident of the other Contracting State and has been a resident of the first-mentioned State in the course of the last ten years preceding the alienation of the shares or “jouissance” rights.

CAPITAL GAINS. 1. Gains derived by a resident of a Contracting State from the alienation of immovable property referred to in Article 6 (Income from Immovable Property) and situated in the other Contracting State may be taxed in that other State. 2. Gains derived by a resident of a Contracting State from the alienation of: a) shares, other than shares in which there is substantial and regular trading on an approved Stock Exchange, deriving their value or the greater part of their value directly or indirectly from immovable property situated in the other Contracting State, or b) an interest in a partnership or trust the assets of which consist principally of immovable property situated in the other Contracting State, or of shares referred to in sub-paragraph a) above, may be taxed in that other State. 3. 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 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. 34. Gains derived by an enterprise a resident of a Contracting State from the alienation of ships or aircraft operated in international traffic, or movable property, including containers, property pertaining to the operation of such ships or aircraft shall be taxable only in that Contracting State. 45. Gains derived by from the alienation of shares or other corporate rights of a company which is a resident of a Contracting State State, and gains from the alienation of any other financial instruments which are subject in that State to the same taxation treatment as gains from the alienation of such shares or other rights, derived by an individual who was a resident of that State and who after acquiring such shares, other than shares traded on rights or financial instruments has become a recognised Stock Exchange, deriving at least three-quarters resident of their value directly or indirectly from immovable property situated in the other Contracting State, may be taxed in that other State. 5. Gains derived by an individual who is a resident of a Contracting the first-mentioned State from the alienation of shares or other rights in a company which is a resident of the other Contracting State, as well as gains from the alienation of options or other financial instruments related to such shares or rights, may be taxed in that other State, but only if the alienator has been a resident of that other State at any time during the five years immediately preceding the alienation of the shares, rights, options rights or financial instrumentsinstruments occurs at any time during the period of five years next following the date on which the individual has ceased to be a resident of the first-mentioned State. 6. Gains from the alienation of any property other than those referred to in the preceding paragraphs shall be taxable only in the Contracting State of which the alienator is a resident. 1. Income derived by an individual who is a resident of a Contracting State in respect of professional services or other activities of an independent character shall be taxable only in that State. However, such income may also be taxed in the other Contracting State if: a) the individual is present in the other State for a period or periods exceeding in the aggregate 183 days in any period of twelve months; or b) the individual has a fixed base regularly available to him in that other State for the purpose of performing his activities; but only so much thereof as is attributable to services performed in that other State. 2. The term "professional services" includes especially independent scientific, literary, artistic, educational or teaching activities as well as the independent activities of physicians, lawyers, engineers, architects, dentists and accountants.