(1) This Agreement shall apply to taxes on income and on capital imposed on behalf of a Contracting State or of its political subdivisions or local authorities, irrespective of the manner in which they are levied.
(2) There shall be regarded as taxes on income and on capital all taxes imposed on total income or on total capital, or on elements of income, including taxes on gains from the alienation of movable or immovable property,
(3) The existing taxes to which the Agreement shall apply are, in particular:
- (a) in the case of the United Arab Emirates:
- (i) income tax; and
- (ii) corporate tax;
- (hereinafter referred to as "United Arab Emirates tax").
- (b) in the case of the Philippines:
- (i) income tax on individuals;
- (ii) income tax on corporations;
- (iii) income tax on estates and trusts;
- (iv) withholding taxes; and
- (v) stock transaction tax;
- (hereinafter referred to as "Philippine tax").
(4) The Agreement shall also apply to any identical or substantially similar taxes which are imposed after the date of signature of this Agreement in addition to, or in place of, the existing taxes. The competent authorities of the Contracting States s hall notify each other of substantial changes which have been made in their respective taxation laws.