according to the laws of each Contracting State, due regard being had to the other provi-

sions of this Convention.

ARTICLE 13

CAPITAL GAINS

1. Gains derived by a resident of a Contracting State from the alienation of immov-

able 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 per-

forming 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 from the alienation of ships or aircraft operated in international traffic or

movable property pertaining to the operation of such ships or aircraft shall be taxable

only in the Contracting State in which the place of effective management of the enter-

prise is situated.

4. Gains derived by a resident of a Contracting State from the alienation of shares

or of a comparable interest deriving more than 50 percent of their value directly or indi-

rectly from immovable property situated in the other Contracting State may be taxed in

that other State.

5. Gains from the alienation of any property other than that referred to in para-

graphs 1, 2, 3 and 4, shall be taxable only in the Contracting State of which the alienator

is a resident.

ARTICLE 14

INDEPENDENT PERSONAL SERVICES

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 a fixed base, the income may be

taxed in the other Contracting State but only so much of it as is attributable to that fixed

base.

2. The term “professional services” includes especially independent scientific, lit-erary, artistic, educational or teaching activities as well as the independent activities of

physicians, lawyers, engineers, architects, dentists and accountants.

II SÉRIE-A — NÚMERO 160____________________________________________________________________________________________________________

394