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of <h1>India-Iceland Tax Protocol: Social Security Charges Exempt, Shipping Profits Clarified, Dividend Benefits Limited by Foreign Ownership.</h1> The protocol between the governments of India and Iceland, part of their Double Taxation Avoidance Agreement, clarifies several provisions. It specifies that Iceland's social security charge is not considered a tax on wages or salaries. Interest related to international shipping or aircraft operations is treated as business profits, exempt from Article 11. Corporations from one state cannot claim benefits on dividends, interest, royalties, or capital gains if they face significantly reduced taxes due to special measures and have substantial foreign ownership. Article 25 allows different tax rates on permanent establishments, with a maximum difference of 10 percentage points. The protocol is signed in multiple languages, with English prevailing in case of interpretation conflicts.
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