1. The Contracting States shall notify each other in writing, through diplomatic channels, that the procedures required by their domestic laws for entry into force of this Convention have been complied with
2. This Convention shall enter into force on the date of the receipt of the later of these notifications and its provisions shall have effect in respect of the taxes on income derived and on capital owned in the fiscal year beginning on or after the first day of January in the calendar year next following that in which the Convention enters into force.