Australian Tax Treaties

Icelandic Convention  

CONVENTION BETWEEN AUSTRALIA AND ICELAND FOR THE ELIMINATION OF DOUBLE TAXATION WITH RESPECT TO TAXES ON INCOME AND THE PREVENTION OF TAX EVASION AND AVOIDANCE  

CHAPTER VI - FINAL PROVISIONS  

ARTICLE 30   Termination  
This Convention shall continue in effect indefinitely, but either Contracting State may terminate the Convention by giving written notice of termination, through the diplomatic channel, to the other State at least six months before the end of any calendar year beginning after the expiration of five years from the date of its entry into force and, in that event, the Convention shall cease to be effective:

(a)    in the case of Australia:

(i) in respect of withholding tax on income that is derived by a non-resident, in relation to income derived on or after 1 January next following the date on which the notice of termination is given;

(ii) in respect of fringe benefits tax, in relation to fringe benefits provided on or after 1 April next following the date on which the notice of termination is given;

(iii) in respect of other Australian tax, in relation to income of any year of income beginning on or after 1 July next following the date on which the notice of termination is given;

(b)    in the case of Iceland:

(i) in respect of taxes withheld at source, on income derived on or after 1 January next following the date on which the notice of termination is given;

(ii) in respect of other taxes on income, for taxes chargeable for any tax year beginning on or after 1 January next following the date on which the notice of termination is given.

IN WITNESS WHEREOF the undersigned, being duly authorised, have signed this Convention.

Done at this day of 20 , in duplicate in the Icelandic and English languages, both texts being equally authentic. In case of any divergence of the provisions of this Convention, or their interpretation or application, the English text shall prevail.

For Australia:

For Iceland:

PROTOCOL TO THE CONVENTION BETWEEN AUSTRALIA AND ICELAND FOR THE ELIMINATION OF DOUBLE TAXATION WITH RESPECT TO TAXES ON INCOME AND THE PREVENTION OF TAX EVASION AND AVOIDANCE

Australia and Iceland have in addition to the Convention between Australia and Iceland for the Elimination of Double Taxation with respect to Taxes on Income and the Prevention of Tax Evasion and Avoidance agreed on the following provisions, which shall form an integral part of the Convention: