Article 3 - General Definitions - Iceland

ARTICLE 3 GENERAL DEFINITIONS 1. For the purposes of this Agreement, unless the context otherwise requires: a) the term India means the territory of India and includes the territorial sea and airspace above it, as well as any other maritime zone in which India has sovereign rights, other rights and jurisdiction, according to the Indian law and in accordance with international law, including the U.N. Convention on the Law of the Sea; b) the term Iceland means Iceland and, when used in a geographical sense, means the territory of Iceland, including its territorial sea, and any area beyond the territorial sea within which Iceland, in accordance with international law, exercises jurisdiction or sovereign rights with respect to the sea bed, its subsoil and its superjacent waters, and their natural resources; c) the terms Contracting State and the other Contracting State mean the Republic of India or Iceland as the context requires; d) the term person includes an individual, a company, a body of persons and any other entity which is treated as a taxable unit under the taxation laws in force in the respective Contracting States; e) the term company means anybody corporate or any entity that is treated as a body corporate for tax purposes; f) the term enterprise applies to the carrying on of any business; g) the terms enterprise of a Contracting State and enterprise of the other Contracting State mean respectively an enterprise carried on by a resident of a Contracting State and an enterprise carried on by a resident of the other Contracting State; h) the term international traffic means any transport by a ship or aircraft operated by an enterprise of a Contracting State, except when the ship or aircraft is operated solely between places in the other Contracting State; i) the term competent authority means: (i) in India: The Finance Minister, Government of India, or his authorised representative; (ii) in Iceland: The Minister of Finance or his authorised representative; j) the term national means: (i) any individual possessing the nationality of a Contracting State; (ii) any legal person, partnership or association deriving its status as such from the laws in force in a Contracting State; k) the term tax means Indian or Icelandic tax, as the context requires, but shall not include any amount which is payable in respect of any default or omission in relation to the taxes to which this Agreement applies or which represents a penalty or fine imposed relating to those taxes; l) the term fiscal year means: (i) in the case of India: the financial year beginning on the 1st day of April; (ii) in the case of Iceland: the financial year beginning on the 1st day of January. 2. As regards the application of the Agreement at any time by a Contracting State any term not defined therein shall, unless the context otherwise requires, have the meaning that it has at that time under the law of that State for the purposes of the taxes to which the Agreement applies, any meaning under the applicable tax laws of that State prevailing over a meaning given to the term under other laws of that State.