Taxes covered: convention applies to taxes on income and capital, including substantially similar future taxes, with mutual notification. The Convention applies to taxes on income and on capital, including taxes on total income or capital, elements of income or capital, gains from alienation of property, taxes on wages paid by enterprises, and taxes on capital appreciation; it covers specified existing domestic income and wealth or property taxes and extends to identical or substantially similar taxes enacted later, with competent authorities required to notify each other of significant taxation law changes.