Malaysia (tax/treaty)

TAXES COVERED 1. This Agreement shall apply to taxes on incomeimposed on behalf of a Contracting State or of its political sub-division or local authorities or a statutory body irrespective of the manner in which they are levied. 2. There shall be regarded as taxes on income 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 Agreement shall apply to the following existing taxes: a. in the case of the Kingdom of Saudi Arabia: i. the Zakat; and ii. the income tax including the natural gas investment tax; (hereinafter referred to as the "Saudi tax"); b. in the case of Malaysia: i. the income tax; and ii. the petroleum income tax; (hereinafter referred to as "Malaysian tax"). 4. The provisions of this Agreement shall also apply to any identical or substantially similar taxes which are imposed after the date of signature of this Agreement in addition to, or in place of, the existing taxes. The competent authorities of the Contracting States shall notify each other of any significant changes that have been made in their respective taxation laws.