ARTICLE 33

Termination

The Convention is to remain in effect indefinitely, unless terminated by one of the Contracting States in accordance with the provisions of Article 33. The Convention may be terminated at any time after 5 years from the date of its entry into force, provided that at least six months' prior written notice has been given through diplomatic channels. Thus, if notice is given on or before June 30 of any calendar year after 1994, the termination will have effect as follows:

(1) with respect to taxes on income, the Convention will cease to have effect for taxable years or assessment periods beginning on or after January 1 of the calendar year following the year in which notice is given (but not including fiscal years beginning before that date);

(2) with respect to taxes on capital, the Convention will cease to have effect for items of capital existing on or after January 1 of the calendar year following that in which the notice of termination is given; and

(3) with respect to taxes withheld at source on dividends, interest, and royalties and to excise taxes imposed on insurance premiums, the Convention will cease to have effect for amounts paid or credited on or after January 1 of the calendar year following the year in which the notice is given.

Nothing in Article 33, which relates to unilateral termination by a Contracting State of the Convention, should be construed as preventing the Contracting States from entering into a new bilateral agreement that supersedes, amends or terminates provisions of the Convention either prior to the expiration of the five year period or without the six month notification period.