Common use of in Cyprus Clause in Contracts

in Cyprus. (i) Subject to the provisions of Cyprus Tax Law regarding credit for foreign tax, there shall be allowed as a credit against Cyprus tax payable in respect of any item of income derived from Singapore the Singapore tax paid under the laws of Singapore and in accordance with this Agreement. The credit shall not, however, exceed that part of the Cyprus tax, as computed before the credit is given, which is appropriate to such items of income. (ii) Where such income is a dividend paid by a company which is a resident of Singapore to a company which is a resident of Cyprus the credit shall take into account (in addition to any Singapore tax on dividends) the Singapore tax payable in respect of its profits by the company paying the dividends. Such credit shall not, however, exceed that part of the Cyprus tax, as computed before the credit is given, which is appropriate to such a dividend.

in Cyprus. (i) a. Subject to the provisions of Cyprus Tax Law regarding credit for foreign tax, there shall be allowed as a credit against Cyprus tax payable in respect of any item of income derived from Singapore the Singapore tax paid under the laws of Singapore and in accordance with this Agreement. The credit shall not, however, exceed that part of the Cyprus tax, as computed before the credit is given, which is appropriate to such items of income. (ii) b. Where such income is a dividend paid by a company which is a resident of Singapore to a company which is a resident of Cyprus the credit shall take into account (in addition to any Singapore tax on dividends) the Singapore tax payable in respect of its profits by the company paying the dividends. Such credit shall not, however, exceed that part of the Cyprus tax, as computed before the credit is given, which is appropriate to such a dividend.