The 2003 UK Agreement is Australia`s third comprehensive tax agreement with the UK. The existing agreement, concluded in 1967 and partially revised in 1980 by an amending protocol, is not well suited to modern business practices, the respective tax systems and the modern practices of the tax convention. The new tax treaty will help facilitate trade and investment between Australia and the United Kingdom. 1.95 The main effect of this article is that the right to tax profits from the operation of ships or aircraft on international traffic, including a share of profits from participation in a pool, joint venture or international operating agency, is generally reserved for the country where the operator is fiscally established. 4.17 While, since its introduction, the existing tax treaty has provided a good level of protection against double taxation and the prevention of tax evasion, it is clear that the existing tax treaty is obsolete and does not adequately reflect the current policy and practice of the Australian or United Kingdom tax convention, as well as modern international standards. A detailed explanation of the content of the 2003 tax treaty with the United Kingdom can be found on pages 15 90 of the explanatory memorandum to the Act. However, the main change is the recognition of companies listed on double stock exchange and the taxation rights applicable to these companies. Start: The 2002 Mexican Tax Convention and the 2003 UK Tax Convention, which is covered by the Act, enter into force the latest of the data on which Australia and the Contracting Parties exchange notes through the diplomatic channel. . .