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Press Release

Japanese

October 2, 2018

Ministry of Finance

Tax Convention with Iceland will Enter into Force

[Provisional translation]

1.  On October 1, the exchange of diplomatic notes between the Government of Japan and the Government of the Republic of Iceland for entry into force of the Convention between Japan and Iceland for the Elimination of Double Taxation with respect to Taxes on Income and the Prevention of Tax Evasion and Avoidance (signed on January 15, 2018) took place in Reykjavik.

2.  This Convention, accordingly, will enter into force on October 31, 2018 (the thirtieth day after the date of exchange of diplomatic notes) and will have effect:

(a)  in Japan:

     (i)  with respect to taxes levied on the basis of a taxable year, for taxes for any taxable years beginning on or
    after January 1, 2019; and

     (ii)  with respect to taxes levied not on the basis of a taxable year, for taxes levied on or after January 1, 2019; and


(b)  in the Republic of Iceland:

     (i)  with respect to taxes withheld at source, for income derived on or after January 1, 2019; and

     (ii)  with respect to other taxes, for taxes chargeable for any taxable year beginning on or after January 1, 2019.


(c)  The provisions concerning the exchange of information and the assistance in the collection of taxes have effect from October 31, 2018, without regard to the date on which the taxes are levied or the taxable year to which the taxes relate.


【Reference】Texts and Outline of the Convention