Common use of METHODS FOR ELIMINATION OF DOUBLE TAXATION Clause in Contracts

METHODS FOR ELIMINATION OF DOUBLE TAXATION. Double taxation shall be eliminated as follows: 1. in the case of the Hong Kong Special Administrative Region: subject to the provisions of the laws of the Hong Kong Special Administrative Region relating to the allowance of a credit against Hong Kong Special Administrative Region tax of tax paid in a jurisdiction outside the Hong Kong Special Administrative Region (which shall not affect the general principle of this Article), Austrian tax paid under the laws of Austria and in accordance with this Agreement, whether directly or by deduction, in respect of income derived by a person who is a resident of the Hong Kong Special Administrative Region from sources in Austria, shall be allowed as a credit against Hong Kong Special Administrative Region tax payable in respect of that income, provided that the credit so allowed does not exceed the amount of Hong Kong Special Administrative Region tax computed in respect of that income in accordance with the tax laws of the Hong Kong Special Administrative Region; 2. in the case of Austria: (a) where a resident of Austria derives income or owns capital which, in accordance with the provisions of this Agreement, may be taxed in the Hong Kong Special Administrative Region and are subject to tax therein, Austria shall, subject to the provisions of subparagraphs (b) to (e), exempt such income or capital from tax; (b) where a resident of Austria derives items of income which, in accordance with the provisions of Articles 10, 12 and paragraph 4 of Article 13, may be taxed in the Hong Kong Special Administrative Region, Austria shall allow as a deduction from the tax on the income of that resident an amount equal to the tax paid in the Hong Kong Special Administrative Region. Such deduction shall not, however, exceed that part of the tax, as computed before the deduction is given, which is attributable to such items of income derived from the Hong Kong Special Administrative Region; (c) dividends in the sense of subparagraph (b) of paragraph 2 of Article 10 paid by a company which is a resident of the Hong Kong Special Administrative Region to a company which is a resident of Austria shall be exempt from tax in Austria, subject to the relevant provisions of the domestic law of Austria but irrespective of any deviating minimum holding requirements provided for by that law; (d) where in accordance with any provision of the Agreement income derived or capital owned by a resident of Austria is exempt from tax in Austria, Austria 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; (e) the provisions of subparagraph (a) shall not apply to income derived or capital owned by a resident of Austria where the Hong Kong Special Administrative Region applies the provisions of this Agreement to exempt such income or capital from tax or applies the provisions of paragraph 2 of Article 10 or 12 to such income.

METHODS FOR ELIMINATION OF DOUBLE TAXATION. Double taxation shall be eliminated as follows: 1. in (a) In the case of the Hong Kong Special Administrative Region: , subject to the provisions of the laws of the Hong Kong Special Administrative Region relating to the allowance of a credit against Hong Kong Special Administrative Region tax of tax paid in a jurisdiction outside the Hong Kong Special Administrative Region (which shall not affect the general principle of this Article), Austrian Vietnamese tax paid under the laws of Austria Vietnam and in accordance with this Agreement, whether directly or by deduction, in respect of income derived by a person who is a resident of the Hong Kong Special Administrative Region from sources in AustriaVietnam, shall be allowed as a credit against Hong Kong Special Administrative Region tax payable in respect of that income, provided that the credit so allowed does not exceed the amount of Hong Kong Special Administrative Region tax computed in respect of that income in accordance with the tax laws of the Hong Kong Special Administrative Region;. 2(b) For the purpose of paragraph 1 (a) of this Article, the income tax paid in Vietnam shall be deemed to include any amount of tax which would have been payable as Vietnamese tax for any year but for an exemption from or a reduction of tax granted for that year or any part thereof as a result of the application of the provisions of Vietnamese law designed to extend time limited tax incentives to promote foreign investment for development purpose. in The provision of this sub-paragraph shall only apply for a period of 10 years from the case day on which this Agreement comes into effect according to paragraph 2 of Austria:Article 28. (a) In the case of Vietnam, where a resident of Austria Vietnam derives income income, profits or owns capital which, gains which under the laws of the Hong Kong Special Administrative Region and in accordance with the provisions of this Agreement, Agreement may be taxed in the Hong Kong Special Administrative Region and are subject to tax thereinXxxxxxxxxxxxxx Xxxxxx, Austria shall, subject to the provisions of subparagraphs (b) to (e), exempt such income or capital from tax; (b) where a resident of Austria derives items of income which, in accordance with the provisions of Articles 10, 12 and paragraph 4 of Article 13, may be taxed in the Hong Kong Special Administrative Region, Austria Xxxxxxx shall allow as a deduction from the credit against its tax on the income of that resident income, profits or gains an amount equal to the tax paid in the Hong Kong Special Administrative Region. Such deduction shall not, however, exceed that part of the taxtax on income, profits or gains, as computed before the deduction is given, which is attributable to such items of income derived from the income, profits or gains which may be taxed in the Hong Kong Special Administrative Region;. (c) dividends in the sense of subparagraph (b) of paragraph 2 of Article 10 paid by a company which is a resident of the Hong Kong Special Administrative Region to a company which is a resident of Austria shall be exempt from tax in AustriaWhere, subject to the relevant provisions of the domestic law of Austria but irrespective of any deviating minimum holding requirements provided for by that law; (d) where in accordance with any provision of the Agreement this Agreement, income derived or capital owned by a resident of Austria Vietnam is exempt from tax in AustriaVietnam, Austria Vietnam 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;income. (e) the provisions of subparagraph (a) shall not apply to income derived or capital owned by 3. Where a company which is a resident of Austria where a Contracting Party pays dividends to a company which is a resident of the Hong Kong Special Administrative Region applies other Contracting Party and the provisions latter company, directly or indirectly, controls not less than 10 per cent of this Agreement the shares of the company which pays the dividends, the credit that the company which is a resident of that other Party is entitled to exempt shall include the tax paid by the company which pays the dividends in respect of the profits from which such income or capital from tax or applies dividends are derived (but not exceeding the provisions appropriate portion of paragraph 2 profits incidental to the derivation of Article 10 or 12 to such incomedividends).

METHODS FOR ELIMINATION OF DOUBLE TAXATION. Double (1) In the case of a resident of Poland, double taxation shall be eliminated avoided as follows: Where a resident of Poland derives income or owns capital which, in accordance with the provisions of this Agreement, may be taxed in Austria, Poland shall allow: a) as a deduction from the tax on the income of that resident, an amount equal to the income tax paid in Austria; b) as a deduction from the tax on the capital of that resident, an amount equal to the capital tax paid in Austria. 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 Austria. (2) In the case of a resident of Austria, double taxation shall be avoided as follows: 1. in the case of the Hong Kong Special Administrative Region: subject to the provisions of the laws of the Hong Kong Special Administrative Region relating to the allowance of a credit against Hong Kong Special Administrative Region tax of tax paid in a jurisdiction outside the Hong Kong Special Administrative Region (which shall not affect the general principle of this Article), Austrian tax paid under the laws of Austria and in accordance with this Agreement, whether directly or by deduction, in respect of income derived by a person who is a resident of the Hong Kong Special Administrative Region from sources in Austria, shall be allowed as a credit against Hong Kong Special Administrative Region tax payable in respect of that income, provided that the credit so allowed does not exceed the amount of Hong Kong Special Administrative Region tax computed in respect of that income in accordance with the tax laws of the Hong Kong Special Administrative Region; 2. in the case of Austria: (a) where Where a resident of Austria derives income or owns capital which, in accordance with the provisions of this Agreement, may be taxed in the Hong Kong Special Administrative Region and are subject to tax thereinPoland, Austria shall, subject to the provisions of subparagraphs (sub-paragraphs b) to (e)and c) and paragraph 3, exempt such income or capital from tax;. (b) where Where a resident of Austria derives items of income which, in accordance with the provisions of Articles 10, 11, 12 and paragraph 4 2 of Article 13, may be taxed in the Hong Kong Special Administrative RegionPoland, Austria shall allow as a deduction from the tax on the income of that resident an amount equal to the tax paid in the Hong Kong Special Administrative RegionPoland. Such deduction shall not, however, exceed that part of the tax, as computed before the deduction is given, which is attributable to such items of income derived from the Hong Kong Special Administrative Region;Poland. (c) dividends Dividends in the sense of subparagraph (bsub-paragraph a) of paragraph 2 of Article 10 paid by a company which is a resident of the Hong Kong Special Administrative Region Poland to a company which is a resident of Austria shall be exempt from tax in Austria, subject to the relevant provisions of the domestic law of Austria but irrespective of Austria, however, notwithstanding any deviating minimum holding participation requirements provided for by that law;. (d3) where Where in accordance with any provision of the Agreement income derived or capital owned by a resident of Austria a Contracting State is exempt from tax in Austriathat State, Austria such State 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; (e) the provisions of subparagraph (a) shall not apply to income derived or capital owned by a resident of Austria where the Hong Kong Special Administrative Region applies the provisions of this Agreement to exempt such income or capital from tax or applies the provisions of paragraph 2 of Article 10 or 12 to such income.

METHODS FOR ELIMINATION OF DOUBLE TAXATION. Double taxation shall be eliminated as follows: 1. in In the case of the Hong Kong Special Administrative Region: subject , double taxation shall be avoided as follows : (a) Subject to the provisions of the laws of in force in the Hong Kong Special Administrative Region relating from time to time which relate to the allowance of a credit against Hong Kong Special Administrative Region tax of tax paid in a jurisdiction outside the Hong Kong Special Administrative Region (which shall not affect the general principle of this Article), Austrian Belgian tax paid under the laws law of Austria Belgium and in accordance with this Agreement, whether directly or by deduction, in respect of income income, profits or gains derived by a person who is a resident of in the Hong Kong Special Administrative Region from sources in AustriaBelgium, shall be allowed as a credit against Hong Kong Special Administrative Region tax payable in respect of that the same income, profits or gains, provided that the credit so allowed does not exceed the amount of Hong Kong Special Administrative Region tax computed in respect of that income the same income, profits or gains in accordance with the tax laws of the Hong Kong Special Administrative Region;. (b) Income, profits or gains derived by a resident in the Hong Kong Special Administrative Region which, under any provision of the Agreement, may be taxed in Belgium shall, for the purposes of sub-paragraph (a), be deemed to be income, profits or gains from sources in Belgium. 2. in In the case of AustriaBelgium, double taxation shall be avoided as follows : (a) where Where a resident in Belgium derives elements of Austria derives income income, not being dividends, interest or owns capital whichroyalties, in accordance with the provisions of this Agreement, which may be taxed in the Hong Kong Special Administrative Region and are subject to tax therein, Austria shall, subject to the provisions of subparagraphs (b) to (e), exempt such income or capital from tax; (b) where a resident of Austria derives items of income which, in accordance with the provisions of Articles 10this Agreement, 12 and paragraph 4 of Article 13which are taxed there, may be taxed in the Hong Kong Special Administrative Region, Austria Belgium shall allow as a deduction from the tax on the income of that resident an amount equal to the tax paid in the Hong Kong Special Administrative Region. Such deduction shall not, however, exceed that part of the tax, as computed before the deduction is given, which is attributable to exempt such items elements of income derived from the Hong Kong Special Administrative Region; (c) dividends in the sense of subparagraph (b) of paragraph 2 of Article 10 paid by a company which is a resident of the Hong Kong Special Administrative Region to a company which is a resident of Austria shall be exempt from tax in Austria, subject to the relevant provisions of the domestic law of Austria but irrespective of any deviating minimum holding requirements provided for by that law; (d) where in accordance with any provision of the Agreement income derived or capital owned by a resident of Austria is exempt from tax in Austria, Austria may neverthelessmay, in calculating the amount of tax on the remaining income or capital of such that resident, take into account apply the exempted rate of tax which would have been applicable if such income or capital;had not been exempted. (eb) the provisions of subparagraph (a) shall not apply to income Dividends derived or capital owned by a company which is a resident of Austria where in Belgium from a company which is a resident in the Hong Kong Special Administrative Region applies shall be exempt from the provisions of corporate income tax in Belgium under the conditions and within the limits provided for in Belgian law. Where a resident in Belgium derives from a company which is a resident in the Hong Kong Special Administrative Region dividends which are included in his aggregate income for Belgian tax purposes and which are not exempted from the corporate income tax according to this Agreement sub-paragraph, Belgium shall deduct from the Belgian tax relating to exempt such income or capital from these dividends, Hong Kong Special Administrative Region tax or applies the provisions of paragraph 2 of Article 10 or 12 to such income.levied on these dividends in accordance with Article

METHODS FOR ELIMINATION OF DOUBLE TAXATION. Double taxation shall be eliminated as follows: 1. in In the case of the Hong Kong Special Administrative Region: , subject to the provisions of the laws of the Hong Kong Special Administrative Region relating to the allowance of a credit against Hong Kong Special Administrative Region tax of tax paid in a jurisdiction outside the Hong Kong Special Administrative Region (which shall not affect the general principle of this Article), Austrian double taxation shall be avoided as follows: Estonian tax paid under the laws of Austria Estonia and in accordance with the provisions of this AgreementAgreement (except to the extent that these provisions allow taxation by Estonia solely because the income is also income derived by a resident of Estonia), whether directly or by deduction, in respect of income derived by a person who is a resident of the Hong Kong Special Administrative Region from sources in AustriaEstonia, shall be allowed as a credit against Hong Kong Special Administrative Region tax payable in respect of that income, provided that the credit so allowed does not exceed the amount of Hong Kong Special Administrative Region tax computed in respect of that income in accordance with the tax laws of the Hong Kong Special Administrative Region;. 2. in In the case of AustriaEstonia, double taxation shall be avoided in accordance with the provisions and subject to the limitations of the laws of Estonia (as it may be amended from time to time without changing the general principle hereof), as follows: (a) where a resident of Austria Estonia derives income or owns capital which, in accordance with the provisions of this Agreement, may be has been taxed in the Hong Kong Special Administrative Region and are subject to tax thereinRegion, Austria Estonia shall, subject to the provisions of subparagraphs (b) to and (ec), exempt such income or capital from tax; (b) where a resident of Austria Estonia derives items of income which, which in accordance with the provisions paragraph 2 of Articles 10, 12 11 and paragraph 4 12, paragraphs 1 and 2 of Article 13, 16 may be taxed in the Hong Kong Special Administrative Region, Austria Estonia shall allow as a deduction from the tax on the income of that resident an amount equal to the tax paid in the Hong Kong Special Administrative Region. Such deduction shall not, however, exceed that part of the income tax, as computed before the deduction is given, which is attributable to such items of the income derived from which may be taxed in the Hong Kong Special Administrative Region; (c) dividends in the sense of subparagraph (b) of paragraph 2 of Article 10 paid by a company which is a resident of the Hong Kong Special Administrative Region to a company which is a resident of Austria shall be exempt from tax in Austria, subject to the relevant provisions of the domestic law of Austria but irrespective of any deviating minimum holding requirements provided for by that law; (d) where in accordance with any provision of the Agreement income derived or capital owned by a resident of Austria Estonia is exempt from tax in AustriaEstonia, Austria Estonia 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; (e) the provisions of subparagraph (a) shall not apply to income derived or capital owned by a resident of Austria where the Hong Kong Special Administrative Region applies the provisions of this Agreement to exempt such income or capital from tax or applies the provisions of paragraph 2 of Article 10 or 12 to such income.

METHODS FOR ELIMINATION OF DOUBLE TAXATION. Double taxation shall be eliminated as follows: 1. in the case of the Hong Kong Special Administrative Region: subject Subject to the provisions of the laws of the Hong Kong Special Administrative Region relating to the allowance of a credit against Hong Kong Special Administrative Region tax of tax paid in a jurisdiction outside the Hong Kong Special Administrative Region (Region, which shall not affect the general principle of this Article), Austrian Liechtenstein tax paid under the laws of Austria Liechtenstein and in accordance with this Agreement, whether directly or by deduction, in respect of income derived by a person who is a resident of the Hong Kong Special Administrative Region from sources in AustriaLiechtenstein, shall be allowed as a credit against Hong Kong Special Administrative Region tax payable in respect of that income, provided that the credit so allowed does not exceed the amount of Hong Kong Special Administrative Region tax computed in respect of that income in accordance with the tax laws of the Hong Kong Special Administrative Region;. 2. in Subject to the case provisions of Austriathe laws of Liechtenstein regarding the elimination of double taxation, which shall not affect the general principle hereof, double taxation shall be eliminated as follows: (a) where Where a resident of Austria Liechtenstein derives income or owns capital which, in accordance with the provisions of this Agreement, may be taxed in the Hong Kong Special Administrative Region and are subject to tax thereinRegion, Austria Liechtenstein shall, subject to the provisions of subparagraphs (b) to and (ec), exempt such income or capital from tax; (b) where a resident of Austria derives items of income which, in accordance with the provisions of Articles 10, 12 and paragraph 4 of Article 13, may be taxed in the Hong Kong Special Administrative Region, Austria shall allow as a deduction from the tax on the income of that resident an amount equal to the tax paid in the Hong Kong Special Administrative Region. Such deduction shall not, however, exceed that part of the tax, as computed before the deduction is given, which is attributable to such items of income derived from the Hong Kong Special Administrative Region; (c) dividends in the sense of subparagraph (b) of paragraph 2 of Article 10 paid by a company which is a resident of the Hong Kong Special Administrative Region to a company which is a resident of Austria shall be exempt from tax in Austria, subject to the relevant provisions of the domestic law of Austria but irrespective of any deviating minimum holding requirements provided for by that law; (d) where in accordance with any provision of the Agreement income derived or capital owned by a resident of Austria is exempt from tax in Austria, Austria 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;. (eb) the provisions of subparagraph (a) shall not apply to income derived or capital owned by Where a resident of Austria where Liechtenstein derives income which, in accordance with Articles 12, 14, 15 and 16 of this Agreement, may be taxed in the Hong Kong Special Administrative Region, Liechtenstein shall credit against Liechtenstein tax on this income the tax paid in accordance with the law of the Hong Kong Special Administrative Region applies and with the provisions of this Agreement Agreement. The amount of tax to exempt such be credited must not, however, exceed the Liechtenstein tax due on the income or capital derived from tax or applies the provisions of paragraph 2 Hong Kong Special Administrative Region. (c) Income from dividends within the meaning of Article 10 or 12 paid by a company that is a resident of the Hong Kong Special Administrative Region to such incomea company that is a resident of Liechtenstein and that are not deductible in determining the profits of the payer, shall not be taxed in Liechtenstein.

METHODS FOR ELIMINATION OF DOUBLE TAXATION. Double taxation shall be eliminated as follows: 1. in the case of the Hong Kong Special Administrative Region: subject Subject to the provisions of the laws of the Hong Kong Special Administrative Region relating to the allowance of a credit against Hong Kong Special Administrative Region tax of tax paid in a jurisdiction outside the Hong Kong Special Administrative Region (which shall not affect the general principle of this Article), Austrian Luxembourg tax paid under the laws of Austria Luxembourg and in accordance with this Agreement, whether directly or by deduction, in respect of income derived by a person who is a resident of the Hong Kong Special Administrative Region from sources in AustriaLuxembourg, shall be allowed as a credit against Hong Kong Special Administrative Region tax payable in respect of that income, provided that the credit so allowed does not exceed the amount of the Hong Kong Special Administrative Region tax computed in respect of that income in accordance with the tax laws of the Hong Kong Special Administrative Region;. 2. in Subject to the case provisions of Austriathe law of Luxembourg regarding the elimination of double taxation which shall not affect the general principle hereof, double taxation shall be eliminated as follows: (a) where Where a resident of Austria Luxembourg derives income or owns capital which, in accordance with the provisions of this Agreement, may be taxed in the Hong Kong Special Administrative Region and are subject to tax thereinXxxxxxxxxxxxxx Xxxxxx, Austria Xxxxxxxxxx shall, subject to the provisions of subparagraphs (b) to (e), exempt such income or capital from tax;sub-paragraphs (b) where Where a resident of Austria Luxembourg derives items of income which, in accordance with the provisions of Articles 10, 12 and paragraph 4 of Article 13, 16 may be taxed in the Hong Kong Special Administrative RegionXxxxxxxxxxxxxx Xxxxxx, Austria Xxxxxxxxxx shall allow as a deduction from the income tax on individuals or from the income corporation tax of that resident an amount equal to the tax paid in the Hong Kong Special Administrative Region. Such deduction shall not, however, exceed that part of the tax, as computed before the deduction is given, which is attributable to such items of income derived from the Hong Kong Special Administrative Region;. (c) dividends in the sense of subparagraph (b) of paragraph 2 of Article 10 paid by a company which is a resident of the Hong Kong Special Administrative Region to a company which is a resident of Austria shall be exempt from tax in Austria, subject to the relevant The provisions of the domestic law of Austria but irrespective of any deviating minimum holding requirements provided for by that law; (d) where in accordance with any provision of the Agreement income derived or capital owned by a resident of Austria is exempt from tax in Austria, Austria 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; (e) the provisions of subparagraph sub-paragraph (a) shall not apply to income derived or capital owned by a resident of Austria Luxembourg where the Hong Kong Special Administrative Region applies the provisions of this Agreement to exempt such income or capital from tax or applies the provisions of paragraph 2 of Article Articles 10 or 12 to such income.

METHODS FOR ELIMINATION OF DOUBLE TAXATION. Double taxation shall be eliminated as follows: 1. in In the case of the Hong Kong Special Administrative Region: subject , double taxation shall be avoided as follows: (a) Subject to the provisions of the laws of in force in the Hong Kong Special Administrative Region relating from time to time which relate to the allowance of a credit against Hong Kong Special Administrative Region tax of tax paid in a jurisdiction outside the Hong Kong Special Administrative Region (which shall not affect the general principle of this Article), Austrian Belgian tax paid under the laws law of Austria Belgium and in accordance with this Agreement, whether directly or by deduction, in respect of income income, profits or gains derived by a person who is a resident of in the Hong Kong Special Administrative Region from sources in AustriaBelgium, shall be allowed as a credit against Hong Kong Special Administrative Region tax payable in respect of that the same income, profits or gains, provided that the credit so allowed does not exceed the amount of Hong Kong Special Administrative Region tax computed in respect of that income the same income, profits or gains in accordance with the tax laws of the Hong Kong Special Administrative Region;. (b) Income, profits or gains derived by a resident in the Hong Kong Special Administrative Region which, under any provision of the Agreement, may be taxed in Belgium shall, for the purposes of sub-paragraph (a), be deemed to be income, profits or gains from sources in Belgium. 2. in In the case of AustriaBelgium, double taxation shall be avoided as follows: (a) where Where a resident in Belgium derives elements of Austria derives income income, not being dividends, interest or owns capital whichroyalties, in accordance with the provisions of this Agreement, which may be taxed in the Hong Kong Special Administrative Region and are subject to tax therein, Austria shall, subject to the provisions of subparagraphs (b) to (e), exempt such income or capital from tax; (b) where a resident of Austria derives items of income which, in accordance with the provisions of Articles 10this Agreement, 12 and paragraph 4 of Article 13which are taxed there, may be taxed in the Hong Kong Special Administrative Region, Austria Belgium shall allow as a deduction from the tax on the income of that resident an amount equal to the tax paid in the Hong Kong Special Administrative Region. Such deduction shall not, however, exceed that part of the tax, as computed before the deduction is given, which is attributable to exempt such items elements of income derived from the Hong Kong Special Administrative Region; (c) dividends in the sense of subparagraph (b) of paragraph 2 of Article 10 paid by a company which is a resident of the Hong Kong Special Administrative Region to a company which is a resident of Austria shall be exempt from tax in Austria, subject to the relevant provisions of the domestic law of Austria but irrespective of any deviating minimum holding requirements provided for by that law; (d) where in accordance with any provision of the Agreement income derived or capital owned by a resident of Austria is exempt from tax in Austria, Austria may neverthelessmay, in calculating the amount of tax on the remaining income or capital of such that resident, take into account apply the exempted rate of tax which would have been applicable if such income or capital;had not been exempted. (eb) Dividends derived by a company which is a resident in Belgium from a company which is a resident in the Hong Kong Special Administrative Region shall be exempt from the corporate income tax in Belgium under the conditions and within the limits provided for in Belgian law. (c) Subject to the provisions of subparagraph Belgian law regarding the deduction from Belgian tax of taxes paid abroad, where a resident in Belgium derives items of his aggregate income (d) Where, in accordance with Belgian law, losses incurred by an enterprise carried on by a resident in Belgium through a permanent establishment situated in the Hong Kong Special Administrative Region, have been effectively deducted from the profits of that enterprise for its taxation in Belgium, the exemption provided for in sub- paragraph (a) shall not apply in Belgium to income derived or capital owned by a resident the profits of Austria where other taxable periods attributable to that establishment to the extent that those profits have also been exempted from tax in the Hong Kong Special Administrative Region applies by reason of compensation for the provisions of this Agreement to exempt such income or capital from tax or applies the provisions of paragraph 2 of Article 10 or 12 to such incomesaid losses.