Article 31 - Termination - Iceland

ARTICLE 31 TERMINATION This Agreement shall remain in force indefinitely until terminated by a Contracting State. Either Contracting State may terminate the Agreement, through diplomatic channels, by giving notice of termination at least six months before the end of any calendar year beginning after the expiration of five years from the date of entry into force of the Agreement. In such event, the Agreement shall cease to have effect: a) in India: (i) with respect to taxes withheld at source, for amounts paid or credited on or after 1st April of the calendar year next following that in which the notice of termination of the Agreement is given; and (ii) with respect to taxes on income for any fiscal year beginning on or after 1st April of the calendar year next following that in which the notice of termination of the Agreement is given, b) in Iceland: (i) in respect of taxes withheld at source, on income derived on or after 1st January in the calendar year next following the year in which the notice is given; (ii) in respect of other taxes on income, for taxes chargeable for any tax year beginning on or after 1st January in the calendar year next following the year in which the notice is given. IN WITNESS WHEREOF the undersigned, duly authorized thereto, have signed this Agreement. DONE in duplicate at New Delhi on this Twenty-third Day of November, 2007, each in the Hindi, Icelandic and English languages, all texts being equally authentic. In case of divergence of interpretation, the English text shall prevail.