DT: Philippines: double taxation agreement, Article 12: Gains from the alienation of property
(1) Capital gains from the alienation of immovable property, as defined in paragraph(2) of Article 6, may be taxed in the Contracting State in which such property issituated.
(2) Capital gains from the alienation of movable property forming part of the businessproperty of a permanent establishment which an enterprise of a Contracting State has inthe other Contracting State or of movable property pertaining to a fixed base available toa resident of a Contracting State in the other Contracting State for the purpose ofperforming professional services, including such gains from the alienation of such apermanent establishment (alone or together with the whole enterprise) or of such a fixedbase, may be taxed in the other State.
(3) Notwithstanding the provisions of paragraph (2) of this Article, capital gains derivedby a resident of a Contracting State from the alienation of ships and aircraft operated ininternational traffic and movable property pertaining to the operation of such ships andaircraft shall be taxable only in that Contracting State.
(4) Capital gains from the alienation of any property other than those mentioned inparagraphs (1), (2) and (3) of this Article shall be taxable only in the Contracting Stateof which the alienator is a resident.
(5) The provisions of paragraph (4) of this Article shall not affect the right of aContracting State to levy according to its own law a tax on capital gains from thealienation of movable property derived by an individual who is a resident of the otherContracting State and has been a resident of the first-mentioned Contracting State at anytime during the six years immediately preceding the alienation of the property.