Taxes on income and capital: coverage extends to existing and similar taxes with mutual notification of changes. The Agreement defines its scope as applying to taxes on income and on capital imposed by a Contracting State or its sub divisions, including taxes on total income or capital and elements thereof such as gains on alienation, wages, and capital appreciation. It lists representative existing taxes in each State, extends coverage to identical or substantially similar taxes introduced later, and requires competent authorities to notify each other of significant changes in taxation laws.