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 I - SCOPE OF THE CONVENTION  

ARTICLE 2   Taxes Covered  

1.    
This Convention shall apply to taxes on income imposed on behalf of a Contracting State and, in the case of Iceland, on behalf of its political subdivisions or local authorities, irrespective of the manner in which they are levied.

2.    
There shall be regarded as taxes on income all taxes imposed on total income or on elements of income, including taxes on gains from the alienation of movable or immovable property, taxes on the total amounts of wages or salaries paid by enterprises, as well as taxes on capital appreciation.

3.    
The existing taxes to which this Convention shall apply are in particular:

(a)    in Australia:

(i) the income tax; and

(ii) resource rent taxes; and

(iii) the fringe benefits tax;

imposed under the federal law of Australia
(hereinafter referred to as " Australian tax " );

(b)    in Iceland:

(i) the income taxes to the state (tekjuskattar r í kissj ó ð s);

(ii) the income tax to the municipalities ( ú tsvar til sveitarf é laganna);

(hereinafter referred to as " Icelandic tax " );

4.    
The Convention shall apply also to any identical or substantially similar taxes that are imposed under the federal law of Australia or the law of Iceland after the date of signature of the Convention in addition to, or in place of, the existing taxes. The competent authorities of the Contracting States shall notify each other of any significant changes that have been made in their taxation laws.