DT6901 - DT: Falkland Islands: double taxation agreement, Article 2: Taxes covered

(1) This Arrangement shall apply to taxes on income and on capital gains imposed on behalf of a territory, irrespective of the manner in which they are levied.

(2) There shall be regarded as taxes on income and on capital gains all taxes imposed on total income, or on elements of income, including taxes on gains from the alienation of movable or immovable property.

(3) The existing taxes which are the subject of this Arrangement are:

in the United Kingdom:
(i) the income tax;
(ii) ) the corporation tax; and
(iii) the capital gains tax;
(hereinafter referred to as "United Kingdom tax");
in the Falkland Islands:
(i) the income tax, including the tax on royalties and capital gains; and
(ii) the corporation tax, including the tax on royalties and capital gains;
(hereinafter referred to as "Falkland Islands tax").

(4) This Arrangement shall also apply to any identical or substantially similar taxes which are imposed by either territory after the date upon which this Arrangement has effect in addition to, or in place of, the existing taxes. The competent authorities of the territories shall notify each other of any substantial changes which are made in their respective taxation laws.