- 1.This Memorandum is concluded for an indefinite term and will come into effect on the day following the last date of its signature by the Director General of the Department of Taxation at the Ministry of Finance and Economic Affairs in Iceland and the Director General of the Tax and Customs Administration at the Ministry of Finance in the Netherlands.
- 2.The Memorandum will be applicable for the first time to information regarding the calendar year 2016.
- 3.The Memorandum may be terminated at any time by written notification by either Participant and will remain operative for six months from the date of receiving such notification by the other Participant.