Greece (tax/treaty)

Termination 1. This Convention shall remain in force indefinitely but either of the Contracting States may terminate the Convention through the diplomatic channel, by giving to the other Contracting State written notice of termination not later than 30 June of any calendar year starting five years after the year in which the Convention entered into force. 2. In such event the Convention shall cease to apply: 1. (a) with regard to taxes withheld at source, in respect of amounts paid or credited after the end of the calendar year in which such notice is given; and (b) with regard to other taxes, in respect of taxable years beginning after the end of the calendar year in which such notice is given. In witness whereof the undersigned, being duly authorized thereto, have signed this Convention. Done in duplicate at Athens on 15/6/1429 corresponding to 19th of June 2008 in the Arabic, Greek, and English languages, all texts being equally authentic. In case of divergence of interpretation, the English text shall prevail. Protocol The Government of the Kingdom of Saudi Arabia and The Government of the Hellenic Republic have agreed, at the signing of the Convention between the two States for the avoidance of double taxation and the prevention of tax evasion with respect to taxes on income and on capital, upon the following provisions, which shall form an integral part of the said Convention: 1. With respect to paragraph 1 of Article 4: The term resident of a Contracting State, will also include: A legal person organized under the laws of a Contracting State and that is generally exempt from tax in that State and is established and maintained in that State, exclusively for a charitable, educational, scientific, or other similar purpose or to provide pensions. 2. With respect to Article 7: 1. (a) Notwithstanding other provisions of this Article, the profits derived by a resident of a Contracting State from exportation of merchandise to the other Contracting State shall not be taxed in that other Contracting State. Where export contracts include other activities carried on by a permanent establishment in the other Contracting State, income derived by that permanent establishment may be taxed in the other Contracting State. (b) The term "business profits" includes, but is not limited to, income derived from manufacturing, mercantile, banking insurance the furnishing of services and the rental of tangible movable property provided that they are in conformity with the internal legislation of the Contracting States. (c) Each Contracting State shall apply its domestic law with regard to insurance activities. 3. With respect to Article 24, in the case of the Kingdom of Saudi Arabia, the methods for elimination of double taxation will not prejudice to the provisions of the Zakat collection regime as regards Saudi nationals. 4. Nothing in this Convention shall affect the application of the domestic provisions to prevent tax evasion and tax avoidance. In WITNESS WHEREOF, the undersigned, duly authorized thereto, have signed this Protocol. Done in duplicate at Athens on 15/6/1429 corresponding to 19th of June 2008 in the Arabic, Greek, and English languages, all texts being equally authentic. In case of divergence of interpretation, the English text shall prevail.