Article 2 - Taxes Covered - Australia

ARTICLE 2 TAXES COVERED 1. The existing taxes to which this Agreement shall apply are: (a) in Australia: the income tax, and the resource rent tax in respect of offshore projects relating to exploration for or exploitation of petroleum resources, imposed under the federal law of the Commonwealth of Australia; (b) in India: (i) the income tax including any surcharge thereon; and (ii) the surtax imposed on chargeable profits of companies. 2. This Agreement shall also apply to any identical or substantially similar taxes which are imposed under the federal law of the Commonwealth of Australia or the law of the Republic of India after the date of signature of this Agreement in addition to, or in place of, the existing taxes. The competent authorities of the Contracting States shall notify each other of any substantial changes which have been made in the laws of their respective States relating to the taxes to which this Agreement applies.