(iii) local income tax (l`imposta locale sui redditi). 3. Subject to paragraph 1 of this Article, income or profits arising from the transfer of assets of an enterprise of an enterprise of a Contracting State or of capital assets available to a person established in one of the Contracting States for the provision of professional services or other activities as self-employed persons may be taxed only in that State, but whether those assets constitute all or part of the assets of the enterprise of a permanent establishment or of a fixed base in the other Contracting State, such income or profits may be taxed in that other State. 1. This Convention shall apply only to income received for each Contracting State, irrespecty how it is collected. 2. In the case of a person established in Korea, double taxation shall be avoided in accordance with this paragraph. (b) in the case of taxes other than withholding tax, income from a year of income beginning on 1 July or after the calendar year directly following the calendar year in which the agreement enters into force and for which the agreement remains effective. (1) (a) Subject to the provisions of Australian law in force from time to time, which relate to the deduction of a charge pending on Australian taxes paid in a country outside Australia (which does not affect the general principle of this Agreement), Irish tax paid under Irish law and in accordance with this Agreement, directly or by deduction; in respect of income derived from a person established in Australia from sources in Ireland (including, in the case of a dividend, taxes paid for the profits on which the dividend is paid), taking into account the Australian tax payable on such income; 1. Income from income established in one of the Contracting States, which is not expressly mentioned in the aforementioned Articles of this Convention, may be taxed only in that State. . . .