Allowance of credit Sample Clauses

Allowance of credit. 1. The laws of the Contracting States shall continue to govern the taxation of income arising in either of the Contracting States except where express provision to the contrary is made in this Convention. Where income is subject to tax in both Contracting States, relief from double taxation shall be given in accordance with the following paragraphs of this Article. 2. Subject to the provisions of the law of Ireland regarding the allowance as a credit against Irish tax of tax payable in a territory outside Ireland, Cyprus tax payable under the laws of Cyprus, whether directly or by deduction, in respect of income from sources within Cyprus shall be allowed as a credit against any Irish tax payable in respect of that income. Where such income is an ordinary dividend paid by a company resident in Cyprus the credit shall take into account (in addition to any Cyprus tax payable in respect of the dividend) the Cyprus tax payable by the company in respect of its profits, and, where it is a dividend paid on participating preference shares and representing both a dividend at the fixed rate to which the shares are entitled and an additional participation in profits, the Cyprus tax so payable by the company shall likewise be taken into account in so far as the dividend exceeds that fixed rate. (1) For the purposes of paragraph 2, “Cyprus tax payable” shall be deemed to include - (a) the Cyprus tax which would have been payable on any profits or interest granted tax incentive exemption or relief in Cyprus but for such tax incentive exemption or relief; (b) the Cyprus tax which would have been deductible from any dividend paid out of profits granted tax incentive exemption or relief in Cyprus but for such tax incentive exemption or relief. (2) For the purposes of the foregoing provisions of this paragraph-- (a) “profits or interest granted tax incentive exemption or relief in Cyprus” means profits or interest which were not taken into account for the purposes of Cyprus tax or which were exempted or relieved from Cyprus tax by reason of the provisions of one or more of the enactments set out in (c) below; (b) “dividend paid out of profits granted tax incentive exemption or relief in Cyprus” means a dividend received from a company resident in Cyprus and paid out of profits granted tax incentive exemption or relief in Cyprus by reason of the provisions of one or more of the enactments set out in (c) below; (i) The Merchant Shipping (Taxing Provisions) Law, No. 47 of 1963...

Allowance of credit. 1. It is agreed that double taxation shall be avoided in the following manner: (a) In the case of a resident of Ireland, Italian tax payable under the laws of the Italian Republic and in accordance with this Convention, whether directly or by deduction, in respect of income from sources within Italy shall, subject to the relevant provisions of Irish law, be allowed as a credit against any Irish tax payable in respect of that Income. Where such income is a dividend paid by a company resident in Italy the credit shall take into account, in addition to any Italian tax payable in respect of the dividend, the Italian tax payable by the company in respect of its profits. If the item of income is not subjected to income tax but only to corporation profits tax the credit shall be granted against the corporation profits tax, but only for that part of the tax paid in Italy which exceeds 27 percent of such item of income. The credit shall not, however, exceed that proportion of the corporation profits tax which such income bears to the entire income liable to corporation profits tax. (b) In the case of a resident of Italy, the Italian Republic in determining its income taxes specified in Article 2 of this Convention in the case of its residents or companies may, regardless of any other provision of this Convention, include in the basis upon which such taxes are imposed all items of income; the Italian Republic shall, however, deduct from the taxes so calculated the Irish tax on income (not exempt in Ireland under this Convention) in the following manner: (1) if the item of income is, according to Italian law, subjected to the tax on income from movable wealth the tax paid, directly or by deduction, in Ireland shall be deducted from the tax on income from movable wealth, and from the taxes imposed in respect of the same income, but in an amount not exceeding that proportion of the aforesaid Italian tax which such item of income bears to the entire income. Where the tax paid in Ireland on such income is higher than the deduction so calculated the difference shall be deducted from the complementary tax or from the tax on companies, as the case may be, but in an amount not exceeding that proportion of such complementary or company tax which the item of income bears to the entire income; (2) if the item of income is subjected only to the complementary tax or to the tax on companies, the deduction shall be granted from the complementary tax or from the tax on companies, as...

Allowance of credit. (1) In general. (2) Credit allowance date. (3) Applicable percentage. (4) Amount paid at original issue.

Allowance of credit. In the case of an individual, there shall be allowed as a credit against the tax imposed by this chap- ter for the taxable year an amount equal to the sum of—

Allowance of credit. An insurance company may, by its course of business, in allowing credit to the assured for the amount of the premium on a periodical account to be settled at some unspecified future time, impliedly agree that the policy shall be treated as renewed on the renewal date, although the premium be not then paid. The validity of the policy for the renewal period is not affected by the subsequent failure of the assured to pay the balance due by him on his account.