CREDIT METHOD Clause Samples

CREDIT METHOD. Where a resident of a Contracting State derives income or owns capital which, in accordance with the provisions of this Convention, may be taxed in the other Contracting State, the first-mentioned State shall allow as a deduction from the tax on the income of that resident an amount equal to the income tax paid in that other State; and as a deduction from the tax on the capital of that resident, an amount equal to the capital tax paid in that other Article 23 B State. Such deduction in either case shall not, however, exceed that part of the income tax or capital tax, as computed before the deduction is given, which is attributable, as the case may be, to the income or the capital which may be taxed in that other State.
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CREDIT METHOD. 1. Where a resident of a Contracting State derives income or owns capital which, in accordance with the provisions of this Con-
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CREDIT METHOD. Credit Method is preferable as the assesses gets taxed at domestic tax rate without any double tax and country also gets its eligible amount of Tax.
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CREDIT METHOD. Where a resident of a Contracting State derives income or owns capital which, in accordance with the provisions of this Convention, may be taxed in the other Contracting State, the first-mentioned State shall allow as a deduction from the tax on the income of that resident an amount equal to the income tax paid in that other State; and as a deduction from the tax on the capital of that resident, an amount equal to the capital tax paid in that other Article 23 b
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CREDIT METHOD. It is agreed that double taxation shall be avoided in the following manner:
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CREDIT METHOD. 1. Where a resident of a Contracting State derives income or owns capital which, in accordance with the provisions of this Con- Article 23 B vention, may be taxed in the other Contracting State, the first- mentioned State shall allow as a deduction from the tax on the in- come of that resident an amount equal to the income tax paid in that other State; and as a deduction from the tax on the capital of that resi- dent, an amount equal to the capital tax paid in that other State. Such deduction in either case shall not, however, exceed that part of the in- come tax or capital tax, as computed before the deduction is given, which is attributable, as the case may be, to the income or the capital which may be taxed in that other State. 2. Where, in accordance with any provision of this Convention, income derived or capital owned by a resident of a Contracting State is exempt from tax in that State, such State may nevertheless, in cal- culating the amount of tax on the remaining income or capital of such resident, take into account the exempted income or capital.
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Related to CREDIT METHOD

  • Letter of Credit Amounts Unless otherwise specified herein, the amount of a Letter of Credit at any time shall be deemed to be the stated amount of such Letter of Credit in effect at such time; provided, however, that with respect to any Letter of Credit that, by its terms or the terms of any Issuer Document related thereto, provides for one or more automatic increases in the stated amount thereof, the amount of such Letter of Credit shall be deemed to be the maximum stated amount of such Letter of Credit after giving effect to all such increases, whether or not such maximum stated amount is in effect at such time.