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. 3. 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. 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, section 3,...

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. (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 (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 the case may be, but only for that part of the tax paid in Ireland which exceeds 27 per cent of such item of income. The deduction shall not, however, exceed that proportion of the complementary tax or of the tax on companies which such income bears to the entire income. 2. In the case of an individual who is resident in Ireland for the purposes of Irish tax and is also resident in Italy for the purposes of Italian tax, the provisions of paragraph 1 (a) shall apply in relation to income which that person derives from sources within Italy, and the provisions of paragraph 1 (b) shall apply in relation to income which that person derives from sources within Ireland. 3. For the purposes of this Article, profits or remuneration arising from the exercise of a profession or employment in a Contracting State shall be deemed to be income from sources withi...

Allowance of credit. In the case of an individual who is a first-time homebuyer of a principal residence in the Dis- trict of Columbia during any taxable year, there shall be allowed as a credit against the tax im- posed by this chapter for the taxable year an amount equal to so much of the purchase price of the residence as does not exceed $5,000.

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.

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