(This note is not part of the Order)
An Agreement dealing with the avoidance of double taxation and fiscal evasion between the United Kingdom and Georgia (“the Agreement”) is set out in the Schedule to this Order.
Article 1 of the Order provides for its citation.
Article 2 makes a declaration as to the effect and content of the arrangements set out in the Agreement contained in the Schedule to the Order and that it is expedient that those arrangements should have effect.
A detailed explanation of the Agreement can be found in the Explanatory Memorandum published with the Agreement.
The Agreement will enter into force on the date on which the instruments of ratification are exchanged following the completion of legislative procedures by both countries. It will take effect in the United Kingdom in respect of income tax and capital gains tax, for any year of assessment beginning on or after 6th April in the calendar year next following the date the Agreement enters into force and in respect of corporation tax, for any financial year beginning on or after 1st April in the calendar year next following that date. It will take effect in Georgia in respect of taxes chargeable for any fiscal year on or after 1st January in the calendar year next following the date that the Agreement enters into force (Article 29).
The date of entry into force will, in due course, be published in the London, Edinburgh and Belfast Gazettes.