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ARTICLE 31

Termination

This Convention shall remain in force until terminated by a Contracting State. Either Contracting State may terminate the Convention, through diplomatic channels, by giving written notice of termination at least six months before the end of any calendar year beginning on or after the expiration of a period of five years from the date of its entry into force. In such event, the Convention shall cease to have effect:

  • (a) with respect to withholding taxes, on income derived on or after January 1st of the calendar year following the year in which the notice of termination is given;
  • (b) with respect to income taxes and other taxes (other than withholding taxes), for any tax year beginning on or after January 1st of the calendar year following the year the notice of termination is given.

IN WITNESS WHEREOF, the undersigned, duly authorized thereto, have signed this Convention.

DONE at Tokyo, Japan, on the 13th of October 2012, in three originals each in the Spanish, Arabic and English languages, all texts being equally authentic. In case of divergence between any of the texts, the English text shall prevail.

FOR THE GOVERNMENT OF THE REPUBLIC OF PANAMA:

FRANK DE LIMA

MINISTER OF ECONOMY AND FINANCE

FOR THE GOVERNMENT OF THE UNITED ARAB EMIRATES:

OBAID HUMAID AL TAYER

MINISTER OF STATE FOR FINANCIAL AFFAIRS