Article 1 - Persons Covered - Iceland

Ministry of Finance (Department of Revenue) New Delhi, the 5 th February 2008 (Income Tax) S.O. 241(E).- Whereas the annexed Agreement between the Government of the Republic of India and the Government of Iceland for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income signed in India on the 23rd day of November, 2007 shall come into force on the 21st day of December, 2007, being the date of receipt of the later of the notifications after completion of procedures as required by the respective laws for the entry into force of this Agreement, in accordance with Article 30 of the said Agreement. Now, therefore, in exercise of the powers conferred by section 90 of the Income-tax Act, 1961 (43 of 1961) , the Central Government hereby directs that all the provisions of the said Agreement and Protocol annexed hereto shall be given effect to in the Union of India with effect from the 1st day of April, 2008. F.No.504/3/2004-FTD-I (Anita Kapur) Joint Secretary ANNEXURE AGREEMENT BETWEEN THE GOVERNMENT OF THE REPUBLIC OF INDIA AND THE GOVERNMENT OF ICELAND FOR THE AVOIDANCE OF DOUBLE TAXATION AND THE PREVENTION OF FISCAL EVASION WITH RESPECT TO TAXES ON INCOME The Government of the Republic of India and the Government of Iceland, desiring to conclude an Agreement for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income and with a view to promoting economic co-operation between the two countries, have agreed as follows: ARTICLE 1 PERSONS COVERED This agreement shall apply to persons who are residents of one or both of the Contracting States.