Ниже выборка Конвенций об избежании двойного налогообложения (далее - "Конвенция"), которые действуют для Украины и в которых есть положение о непрямой передаче активов.

В Модельной Конвенции ОЭСР, начиная с версии 2003 года, есть положение о продаже акций компании, которые прямо или косвенно получают большую часть своей стоимости за счёт недвижимого имущества, расположенного в другом государстве. Последняя версия Модельной Конвенции (2017 год) усовершенствовала это положение, добавив, что это могут быть не только акции, а и другие формы участия в капитале, а также стоимость нужно считать не на дату продажи, а смотреть на 365 дней, предшествующие продаже.

Стоит отметить, что большинство Конвенций в мире было подписано до 2017 и даже до 2003 года. Но, несмотря на это, многие страны во время переговоров по подписанию Конвенций все же включили пункт о непрямой передаче активов.

Для тех стран, которые этого не сделали, была опция воспользоваться Многосторонней Конвенцией в 2019 году и включить соответствующий пункт во все Конвенции, которые страна посчитает нужным. Но, как и с остальными пунктами Многосторонней Конвенции, во-первых, обе страны должны включить соответствующую двустороннюю Конвенцию в список покрываемых, а, во-вторых, обе страны должны выбрать этот пункт для внесения в него изменений.

Если смотреть на украинские Конвенции, то с некоторыми странами как раз и сработал вышеописанный механизм Многосторонней Конвенции. Но во многих Конвенциях и так был соответствующий пункт о непрямой продаже (в старом варианте, без 365 дней).

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Украина – Израиль (ст. 13.2 и 13.3) – Конвенция покрывает не только непрямую продажу недвижимого имущества, а и других активов. Непрямым владением считается также владение через связанное лицо:

(2) Gains from the alienation of shares or other participation rights in a company, the assets of which consist, directly or indirectly, mainly of immovable property situated in one of the Contracting States, may be taxed in that State.(3) Gains, derived by a resident of a Contracting State from the sale, exchange or other disposition, directly or indirectly, of shares in a company which is a resident of the other Contracting State, may be taxed in that other State, but only if the resident of the first-mentioned State owned either directly or indirectly at any time within the 12-month period preceding such sale, exchange or other disposition, shares giving the right to 10 per cent or more of the voting power in the company. However, the tax so charged shall not exceed 25 per cent of the net amount of the gains mentioned in this paragraph.For the purposes of this paragraph, indirect ownership shall be deemed to include, but not be limited to, ownership by a related person.

Украина – Чехия (ст. 13.2)

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

Украина – Великобритания (ст. 13.2)

Gains derived by a resident of a Contracting State from the alienation of:(a) shares, other than shares quoted 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.

Украина – Франция (ст. 13.2)

Gains from the alienation:(a) of shares or rights not quoted on a stock exchange or rights that derive their value or the greatest part of their value, directly or indirectly, from immovable property as defined in Article 6 and situated in a Contracting State, or(b) of rights in a partnership or a body of persons, the assets of which consist principally of immovable property as defined in Article 6 and situated in a Contracting State or of shares or rights referred to in subparagraph (a), may be taxed in that State.

Украина – Ирландия (ст. 13.2 и 13.3) - Конвенция покрывает не только непрямую продажу недвижимого имущества, а и других активов. Исключение для реорганизаций

(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.

Украина – Мексика (ст. 13.2)

Gains derived by a resident of a Contracting State from the alienation of:(a) shares or other similar rights in a company the property of which consists directly or indirectly principally of immovable property situated in the other Contracting State, or(b) a contribution in a partnership 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.

Украина – Сербия (ст. 13.2) – сработала Многосторонняя Конвенция (MLI)

The following paragraph 4 of Article 9 of the MLI replaces paragraph 2 of Article 13 of this Convention:ARTICLE 9 OF THE MLI - CAPITAL GAINS FROM ALIENATION OF SHARES OR INTERESTS OF ENTITIES DERIVING THEIR VALUE PRINCIPALLY FROM IMMOVABLE PROPERTYFor purposes of [this Convention], gains derived by a resident of a [Contracting State] from the alienation of shares or comparable interests, such as interests in a partnership or trust, may be taxed in the other [Contracting State] if, at any time during the 365 days preceding the alienation, these shares or comparable interests derived more than 50 per cent of their value directly or indirectly from immovable property (real property) situated in that other [Contracting State].

Украина – Литва (ст. 13.2)

Gains derived by a resident of a Contracting State from the alienation of:(a) shares 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 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.

Украина – Словения (ст. 13.2) – опять сработала Многосторонняя Конвенция (MLI)

The following paragraph 4 of Article 9 of the MLI replaces paragraph 2 of Article 13 of this Convention:ARTICLE 9 OF THE MLI – CAPITAL GAINS FROM ALIENATION OF SHARES OR INTERESTS OF ENTITIES DERIVING THEIR VALUE PRINCIPALLY FROM IMMOVABLE PROPERTYFor purposes of the Convention, gains derived by a resident of a Contracting State from the alienation of shares or comparable interests, such as interests in a partnership or trust, may be taxed in the other Contracting State if, at any time during the 365 days preceding the alienation, these shares or comparable interests derived more than 50 per cent of their value directly or indirectly from immovable property (real property) situated in that other Contracting State.

Украина – Норвегия (ст. 13.2)

Gains derived by a resident of a Contracting State from the alienation of:(a) shares, other than shares quoted 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) a contribution in a partnership 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.

Украина – Латвия (ст. 13.2)

Gains derived by a resident of a Contracting State from the alienation of:(a) shares, 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 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.

Украина – Индия (ст. 13.4) - опять сработала Многосторонняя Конвенция (MLI)

The following paragraph 4 of Article 9 of the MLI replaces paragraph 4 of Article 13 of this Convention: ARTICLE 9 OF THE MLI – CAPITAL GAINS FROM ALIENATION OF SHARES OR INTERESTS OF ENTITIES DERIVING THEIR VALUE PRINCIPALLY FROM IMMOVABLE PROPERTY For purposes of [this Convention], gains derived by a resident of a [Contracting State] from the alienation of shares or comparable interests, such as interests in a partnership or trust, may be taxed in the other [Contracting State] if, at any time during the 365 days preceding the alienation, these shares or comparable interests derived more than 50 per cent of their value directly or indirectly from immovable property (real property) situated in that other [Contracting State].Украина – Сингапур (ст. 13.2 (a), (b)) – обратите внимание, что недвижимость должна состалять ¾ актива, а не более 50%, как в других Конвенциях.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 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.

Украина – Люксембург (ст. 13.2)

Gains derived by a resident of a Contracting State from the alienation of:(a) shares, other than shares quoted 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 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.

Украина – Швейцария (ст. 13.2)

Gains derived by a resident of a Contracting State from the alienation of:(a) shares deriving their value or the greater part of their value directly or indirectly from immovable property situated in the other Contracting State, or(b) a contribution in a partnership, 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.

Украина – Германия (ст. 13.2)

Gains derived by a resident of a Contracting State from the alienation of:(a) shares deriving their value or the greater part of their value directly or indirectly from immovable property situated in the other Contracting State, or(b) a contribution in a partnership 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.

Украина – Хорватия (ст. 13.4)

Gains from the alienation of shares of the capital stock of a company or of interest in a partnership the capital of which consists directly or indirectly principally of immovable property situated in a Contracting State may be taxed in that Contracting State.

Украина – Япония (ст. 11) – Конвенция древняя, ещё времен СССР, но к ней успешно применили положения Многосторонней Конвенции (MLI)

The following paragraph 4 of Article 9 of the MLI applies to the Convention:Article 9 – Capital Gains from Alienation of Shares or Interests of Entities Deriving their Value Principally from Immovable PropertyFor purposes of the Convention, gains derived by a resident of a Contracting State from the alienation of shares or comparable interests, such as interests in a partnership or trust, may be taxed in the other Contracting State if, at any time during the 365 days preceding the alienation, these shares or comparable interests derived more than 50 per cent of their value directly or indirectly from immovable property situated in that other Contracting State.

Украина – Италия (ст. 13.2)

Gains derived by a resident of a Contracting State from the alienation of:(a) shares, other than shares quoted on an approved Stock Exchange, deriving their value directly or indirectly from immovable property situated in the other Contracting State; or(b) an interest in a partnership the assets of which consist 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.

Украина – Ливан (ст. 13.2)

Gains derived by a resident of a Contracting State from the alienation of:(a) shares, other than shares quoted 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) a contribution in a partnership 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.

Украина – ОАЭ (ст. 13.2)

Gains derived by a resident of a Contracting State from the alienation of:(a) shares deriving their value or the greater part of their value directly or indirectly from immovable property situated in the other Contracting State, or(b) a contribution in a partnership 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 shall be taxable only in that State.

Украина – Ливия (ст. 13.4) – исключение для компаний, которые занимаются управлением недвижимостью

Gains from the alienation of shares of the capital stock of a company, or of an interest in a partnership, trust or estate, the property of which consists directly or indirectly principally of immovable property situated in a Contracting State may be taxed in that State. In particular:(a) Nothing contained in this paragraph shall apply to a company, partnership, or trust, other than a company, partnership, or trust engaged in the business of management of immovable properties, the property of which consists directly or indirectly principally of immovable property used by such company, partnership, trust or estate in its business activities.(b) For the purposes of this paragraph, "principally" in relation to ownership of immovable property means the value of such immovable property exceeding 50 per cent of the aggregate value of all assets owned by the company, partnership or trust.

Украина – Болгария (ст. 13.2)

Gains derived by a resident of a Contracting State from the alienation of:(a) shares, other than shares quoted 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 the assets of a person other than an individual where such assets 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.

Украина – Дания (ст. 13.2)

Gains derived by a resident of a Contracting State from the alienation of:(a) shares, other than shares quoted 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 any other company defined under the provisions of Article 3 of this Convention 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.

Украина – Марокко (ст. 13.4)

Gains derived by a resident of a Contracting State from the alienation of:(a) shares, other than shares quoted 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) a contribution in a partnership 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.

Украина – Катар (ст. 13.4)

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

Украина – Пакистан (ст. 13.2)

Gains derived by a resident of a Contracting State from the alienation of:(a) shares, other than shares quoted 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) a contribution in a partnership 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.

Украина – Китай (ст. 13.4)

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.

Украина – Эстония (ст. 13.2)

Gains derived by a resident of a Contracting State from the alienation of:(a) shares, 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 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.

Украина – Грузия (ст. 13.2)

Gains derived by a resident of a Contracting State from the alienation of:(a) shares of stock deriving their value or the main part of their value directly or indirectly from immovable property situated in the other Contracting State; or(b) shares in partnerships the assets of which consist mainly of immovable property situated in the other Contracting State, or from shares of stock referred to above in sub-paragraph (a), may be taxed in that other Contracting State.

Украина – Мальта (ст. 13.4)

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

Украина – Молдова (ст. 13.2)

Income derived by a resident of a Contracting State from the alienation of:(a) shares, other than shares quoted 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 the assets of a partnership where such assets consist principally of immovable property situated in the other Contracting State or of shares referred to in the preceding subparagraph, may be taxed in that Contracting State.

Украина – Алжир (ст. 13.2)

Gains from the alienation:(a) of shares or rights not quoted on a stock exchange or rights that derive their value or the greatest part of their value, directly or indirectly, from immovable property as defined in Article 6 and situated in a Contracting State, or(b) of rights in a partnership or a body of persons, the assets of which consist principally of immovable property as defined in Article 6 and situated in a Contracting State or of shares or rights referred to in subparagraph (a), may be taxed in that State.

Украина – Австрия (ст. 13.2)

Gains derived by a resident of a Contracting State from the alienation of:(a) shares deriving their value or the greater part of their value directly or indirectly from immovable property situated in the other Contracting State, or(b) a contribution in a partnership 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.

Украина – Кипр (ст. 13.4, 13.5)

(4) Gains derived by a resident of a Contracting State from the alienation of shares 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.(5)(a) Paragraph 4 applies only to the gains attributable to the immovable property.(b) Paragraph 4 does not apply to gains derived from alienation of shares:(i) listed on an approved stock exchange,(ii) in the course of a corporate reorganisation,(iii) where the immovable property from which the shares derived their value is immovable property in which the business is carried on,(iv) of public companies, and(v) similar interests in Real Estate Funds.(c ) Paragraph 4 does not apply to gains derived from alienation of shares when the alienator is:(i) listed on an approved stock exchange(ii) a public company(iii) a pension fund, a provident fund or similar entity.

Украина – Исландия (ст. 13.2)

Gains derived by a resident of a Contracting State from the alienation of(a) shares, other than shares quoted 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) a contribution in a partnership 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.

Украина – Польша (ст. 13.2)

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 main part of their value directly or indirectly from immovable property situated in the other Contracting State, or(b) interest from a share in a partnership or trust, the assets of which consist mainly of immovable property situated in the other Contracting state or of shares as referred to in sub-paragraph (a) above, may be taxed in that other Contracting State.

Украина – Иордания (ст. 13.2)

Gains derived by a resident of a Contracting State from the alienation of:(a) shares, other than shares quoted 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) a contribution in a partnership 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.

Украина – Македония (ст. 13.2)

Gains derived by a resident of a Contracting State from the alienation of:(a) shares, other than shares quoted 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) a contribution in a partnership the assets of which consist principally of immovable property situated in the other Contracting State, or of shares referred to in sub-paragraph (1) above, may be taxed in that other State.

Украина – Египет (ст. 13.2)

Gains derived by a resident of a Contracting State from the alienation of:(a) shares, other than shares quoted 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) a contribution in a partnership the assets of which consist principally of immovable property situated in the other Contracting State, may be taxed in that other State.

Украина – ЮАР (ст. 13.2)

Gains derived by a resident of a Contracting State from the alienation of:(a) shares, other than shares quoted 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) a contribution in a partnership 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.

Украина – Румыния (ст. 13.2)

Gains derived by a resident of a Contracting State from the alienation of:(a) shares, deriving their value or the greater part of their value directly or indirectly from immovable property situated in the other Contracting State, or(b) the contribution in a partnership which assets 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.

Украина – Монголия (ст. 13.4)

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 State.

Украина – Черногория (ст. 13.2)

Gains from the alienation of shares of the capital stock of a company or a participation in a company the property of which consists directly or indirectly principally of immovable property situated in a Contracting State may be taxed in that State.

Украина – Армения (ст. 13.2) – сработала Многосторонняя Конвенция

The following paragraph 4 of Article 9 of the MLI applies to the Convention:Article 9 – Capital Gains from Alienation of Shares or Interests of Entities Deriving their Value Principally from Immovable PropertyFor purposes of the Convention, gains derived by a resident of a Contracting State from the alienation of shares or comparable interests, such as interests in a partnership or trust, may be taxed in the other Contracting State if, at any time during the 365 days preceding the alienation, these shares or comparable interests derived more than 50 per cent of their value directly or indirectly from immovable property situated in that other Contracting State.

 Украина – Азербайджан (ст. 13.2) - текст на русском языке превалирует в случае расхождений в интерпретации

Доходы, получаемые резидентом Договаривающегося Государства от отчуждения:a) акций, получающих свою стоимость или большую часть стоимости прямо или косвенно от недвижимого имущества, расположенного в другом Договаривающемся Государстве; илиb) паев в партнерстве или доверительном фонде, активы которого состоят преимущественно из недвижимого имущества, расположенного в другом Договаривающемся Государстве, или из акций, как они определены в подпункте а) выше, могут облагаться налогом в этом другом Договаривающемся Государстве.

Украина – Беларусь (ст. 13.2) – тексты на украинском и белорусском имеют одинаковую силу, русский - неофициальный

Доходы, получаемые резидентом Договаривающегося Государства от отчуждения:а) акций, стоимость которых или большая часть стоимости которых прямо или опосредованно обеспечена недвижимым имуществом, расположенным в другом Договаривающемся Государстве илиб) паев в партнерстве, активы которого состоят преимущественно из недвижимого имущества, находящегося в другом Договаривающемся Государстве, и с акций, как они определены в подпункте "а" выше, могут подлежать налогообложению в этом другом Договаривающемся Государстве

Украина – Казахстан (ст. 13.2) – сработала Многосторонняя Конвенция

The following paragraph 4 of Article 9 of the MLI applies to the Convention:Article 9 – Capital Gains from Alienation of Shares or Interests of Entities Deriving their Value Principally from Immovable PropertyFor purposes of the Convention, gains derived by a resident of a Contracting State from the alienation of shares or comparable interests, such as interests in a partnership or trust, may be taxed in the other Contracting State if, at any time during the 365 days preceding the alienation, these shares or comparable interests derived more than 50 per cent of their value directly or indirectly from immovable property situated in that other Contracting State.

Украина – Киргизстан (ст. 13.4) - текст на русском языке превалирует в случае расхождений в интерпретации

Доходы, полученные резидентом Договорного Государства от отчуждения акций и других корпоративных прав компании, активы которой прямо или косвенно состоят, полностью или главным образом, из недвижимого имущества, размещенного в другом Договорном Государстве, могут облагаться в этом другом Государстве.

Украина – Таджикистан (ст. 13.4) - текст на русском языке превалирует в случае расхождений в интерпретации

Доходы, полученные резидентом Договаривающегося Государства от отчуждения акций и других корпоративных прав компании, активы которой прямо или косвенно состоят полностью или в основном из недвижимого имущества, находящегося на территории другого Договаривающегося Государства, могут облагаться налогом в этом другом Государстве.

Украина – Туркменистан (ст. 13.4) - текст на русском языке превалирует в случае расхождений в интерпретации

Доходы от отчуждения акций акционерного капитала компании, имущество которой главным образом состоит непосредственно или опосредовано из недвижимого имущества, расположенного на территории Договорного Государства, могут облагаться в этом другом Государстве.

Украина – Россия (ст. 13.1 заменена новым параграфом из Многосторонней Конвенции)

The following paragraph 4 of Article 9 of the MLI applies to the Convention:Article 9 – Capital Gains from Alienation of Shares or Interests of Entities Deriving their Value Principally from Immovable PropertyFor purposes of the Convention, gains derived by a resident of a Contracting State from the alienation of shares or comparable interests, such as interests in a partnership or trust, may be taxed in the other Contracting State if, at any time during the 365 days preceding the alienation, these shares or comparable interests derived more than 50 per cent of their value directly or indirectly from immovable property situated in that other Contracting State.

Alina Huseinova