On 13 May 2015, officials from Georgia and Iceland signed an income tax treaty. The treaty is the first of its kind between the two countries.
The treaty covers Georgian profits tax and income tax, and covers Icelandic income taxes to the state and income taxes to the municipalities.
The following capital gains derived by a resident of one Contracting State may be taxed by the other State:
Gains from the alienation of other property by a resident of a Contracting State may only be taxed by that State.
Both countries apply the credit method for the elimination of double taxation.
The treaty will enter into force once the ratification instruments are exchanged and will apply from 1 January of the year following its entry into force.
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