The income tax treaty between Georgia and Iceland entered into force on 31 December 2015. The treaty, signed 13 May 2015, is the first of its kind between the two countries.
The treaty covers Georgian profit 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 applies from 1 January 2016.
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