Common use of in Macedonia Clause in Contracts

in Macedonia. a) Where a resident of Macedonia derives income or owns capital which, in accordance with the provisions of this Agreement may be taxed in Austria, Macedonia shall allow: (i) as a deduction from the tax on the income of that resident, an amount equal to the income tax paid in Austria; (ii) as a deduction from the tax on capital of that resident, an amount equal to the capital tax paid in Austria; Such a 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 Austria. b) Where in accordance with any provisions of the Agreement income derived or capital owned by a resident of Macedonia is exempt from tax in Macedonia, Macedonia may nevertheless, in calculating the amount of tax on the remaining income or capital of such resident, take into account the exempted income or capital.