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- (1) The present Convention shall be ratified by the Contracting Parties in accordance with their respective constitutional and legal requirements.
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- (2) The instruments of ratification shall be exchanged as soon as possible.
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- (3) Upon the exchange of ratifications the present Convention shall enter into force and its provisions shall have effect –
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- (a) In the United Kingdom:
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- (i) As respects income tax, for any year of assessment beginning on or after 6th April, 1961;
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- (ii) As respects surtax, for any year of assessment beginning on or after 6th April, 1960; and
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- (iii) As respects profits tax, for any chargeable accounting period beginning on or after 1st January, 1961 and for the unexpired portion of any chargeable accounting period current at that date;
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- (b) In Israel:
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- as respects income tax and company tax, for any tax year beginning on or after 1st April, 1961;
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- Provided that, as respects tax chargeable in respect of income referred to in the provisos to paragraph (1) of Articles VI and VIII, the provisions of this Convention shall have effect as from the date on which it enters into force.
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- (4) The Arrangement which was made in 1947 between the Government of Palestine and the Government of the United Kingdom of Great Britain and Northern Ireland, and which, in 1950, was deemed to extend to the territory in which the Government of Israel levy taxation, shall terminate and cease to be effective as respects taxes to which the present Convention in accordance with paragraph (3) above applies.