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<h1>Article 24: Taxation of Immovable and Movable Property in Double Tax Avoidance Agreement Between Two Contracting States.</h1> Capital under Article 24 of the Double Tax Avoidance Agreement between two Contracting States is addressed as follows: Immovable property owned by a resident of one state but located in the other may be taxed in the latter. Movable property part of a business or used for independent services in the other state can also be taxed there. Ships and aircraft used in international traffic, along with related movable property, are taxable only in the state where the owning enterprise resides. Other capital elements of a resident may be taxed where they are located.