Iceland – Japan Tax Convention enters into force

The Convention for the Elimination of Double Taxation with respect to Taxes on Income and the Prevention of Tax Evasion and Avoidance  (Double Taxation Agreement) between Iceland and Japan will enter into force on 31 October 2018.

This Convention 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.

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 (full text)