Italy (tax/treaty)

TAXES COVERED 1. This Convention shall apply to taxes on income and on capital imposed on behalf of each Contracting State or of its political or administrative subdivisions or local authorities, irrespective of the manner in which they are levied. 2. There shall be regarded as taxes on income and on capital all taxes imposed on total income and on total capital, or on elements of income or of capital, including taxes on gains from the alienation of movable or immovable property, taxes on the total amounts of wages or salaries paid by enterprises, as well as taxes on capital appreciation. 3. The existing taxes to which the Convention shall apply are in particular: a. in the case of Italy: i. the personal income tax (l'imposta sul reddito delle persone fisiche); ii. the corporate income tax (l'imposta sul reddito delle societ೦); iii. the regional tax on productive activities (l'imposta regionale sulle attivit೦ produttive); iv. the substitute taxes (le imposte sostitutive); whether or not they are collected by withholding at source (hereinafter referred to as "Italian Tax") b. in the case of Saudi Arabia: i. the Zakat; ii. the income tax including the natural gas investment tax; whether or not they are collected by withholding at source (hereinafter referred to as "Saudi Tax"). 4. The provisions of this Convention shall also apply to any identical or substantially similar taxes which are imposed after the date of signature of this Convention in addition to, or in place of, the existing taxes. The competent authorities of the Contracting States shall notify each other of any significant change which have been made in their respective taxation laws. Chapter II Definitions