On 21 June 2017, the Finance Committee of the Austrian parliament approved the ratification of the pending income and capital tax treaty with Israel ({News-2017-05-16/T/4- previous coverage}). The treaty, signed on 28 November 2016, will enter in to force on the first day of the third month following the exchange of the ratification instruments and will apply from 1 January of the year following its entry into force. Once in force and effective, it will replace the 1970 tax treaty between the two countries.