RELIEF FROM DOUBLE TAXATION Sample Clauses

RELIEF FROM DOUBLE TAXATION. 1. In accordance with the provisions and subject to the limitations of the law of the United States (as it may be amended from time to time without changing the general principle hereof), the United States shall allow to a resident or citizen of the United States as a credit against the United States tax on income a) the income tax paid to Sweden by or on behalf of such citizen or resident; and

RELIEF FROM DOUBLE TAXATION. 1. In accordance with the provisions and subject to the limitations of the law of the United States (as it may be amended from time to time without changing the general principle hereof), the United States shall allow to a resident or citizen of the United States as a credit against the United States tax on income: a) the tax paid on income to Turkey by or on behalf of such citizen or resident; and b) in the case of a United States company owning at least 10 percent of the voting stock of a company which is a resident of Turkey and from which the United States company receives dividends, the tax paid on income to Turkey by or on behalf of the distributing company with respect to the profits out of which the dividends are paid. For the purposes of this paragraph, the taxes referred to in subparagraph a) of paragraph 2 and paragraph 3 of Article 2 (Taxes Covered) shall be considered income taxes. 2. Where a resident of Turkey derives income which, in accordance with the provisions of this Agreement, may be taxed in the United States and in Turkey, Turkey shall, subject to the provisions of Turkish taxation laws regarding credit for foreign taxes (as they may be amended from time to time without changing the general principles hereof), allow as a deduction from the tax on income of that person, an amount equal to the tax on income paid in the United States. Such deduction shall not, however, exceed that part of the income tax computed in Turkey before the deduction is given, which is appropriate to the income which may be taxed in the United States. 3. For the purposes of allowing relief from double taxation pursuant to this Article, and subject to such source rules in the domestic laws of the Contracting State as apply for the purpose of limiting the foreign tax credit, income derived by a resident of a Contracting State which may be taxed in the other Contracting State in accordance with this Agreement (other than solely by reason of citizenship in accordance with paragraph 3 of Article 1 (Personal Scope)) shall be deemed to arise in that other State. The rules of this paragraph shall not apply in determining credits against United States tax for foreign taxes other than the taxes referred to in subparagraph a) of paragraph 2 and paragraph 3 of Article 2 (Taxes Covered).

RELIEF FROM DOUBLE TAXATION. In accordance with the provisions and subject to the limitations of the law of the United States (as it may be amended from time to time without changing the general principle hereof), the United States shall allow to a resident or citizen of the United States as a credit against the United States tax on income applicable to residents and citizens:

RELIEF FROM DOUBLE TAXATION. 1. In accordance with the provisions and subject to the limitations of the law of the United States (as it may be amended from time to time without changing the general principle hereof), the United States shall allow to a resident or citizen of the United States as a credit against the United States tax on income: (a) the income tax paid to Portugal by or on behalf of such citizen or resident; and (b) in the case of a United States company owning at least 10 percent of the voting stock of a company that is a resident of Portugal and from which the United States company receives dividends, the income tax paid to Portugal by or on behalf of the distributing company with respect to the profits out of which the dividends are paid. 2. In the case of an individual who is a citizen of the United States and a resident of Portugal, income that may be taxed by the United States solely by reason of citizenship shall be deemed to arise in Portugal to the extent necessary to avoid double taxation, provided that the tax paid to the United States will not be less than the tax that would be paid under the Articles of this Convention if the individual were not a citizen of the United States. 3. In the case of Portugal: (a) Where a resident of Portugal derives income that, in accordance with the provisions of this Convention may be taxed in the United States (other than solely by reason of citizenship), Portugal shall allow as a deduction from the tax on the income of that resident an amount equal to the income tax paid in the United States. Such deduction shall not, however, exceed that part of the income tax, as computed before the deduction is given, that is attributable to the income that may be taxed in the United States; (b) In the case of a Portuguese company that receives dividends from a United States company in the capital of which it holds directly a participation of at least 25 percent, Portugal shall allow a deduction for 95 percent of such dividends included in the tax base, provided that participation was held for the preceding 2 years, or from the date of the organization of the Portuguese company if that occurred later, but in either case only if the participation was held continuously throughout that period. (c) Where, in accordance with any provision of the Convention, income derived by a resident of Portugal is exempt from tax in Portugal, Portugal may, nevertheless, in calculating the amount of tax on the remaining income of such resident, take into ac...

RELIEF FROM DOUBLE TAXATION. Double taxation shall be avoided in the following manner: 1. In the case of the Philippines: Subject to the provisions of the laws of the Philippines relating to the allowance as credit against Philippine tax of taxes paid in a territory outside the Philippines, New Zealand taxes paid or which have accrued under the laws of New Zealand and in accordance with this Convention, whether directly or by deduction, in respect of income from sources within New Zealand shall be allowed, where similar tax is imposed in the Philippines as a credit against Philippine tax payable in respect of that income. The deduction shall not, however, exceed that part of the Philippine income tax, as computed before the deduction is given, which is appropriate to the income which may be taxed in New Zealand. 2. In the case of New Zealand: Subject to any provisions of the law of New Zealand which may from time to time be in force and which relate to the allowance of a credit against New Zealand tax of tax paid in a country outside New Zealand (which shall not affect the general principle hereof), Philippine tax paid under the law of the Philippines and consistently with this Convention, whether directly or by deduction, in respect of income derived by a New Zealand resident from sources in the Philippines (excluding, in the case of a dividend, tax paid in respect of the profits out of which the dividend is paid) shall be allowed as a credit against New Zealand tax payable in respect of that income. Dividends derived by a company which is a resident of New Zealand from a company which is a resident of the Philippines (being dividends which, in accordance with the taxation law of New Zealand in existence at the date of signature of this Convention, would be exempt from New Zealand tax) shall be exempt from New Zealand tax. Where, in terms of paragraph 2(b)(i) of Article 12, a resident of New Zealand derives income from royalties which are paid by an enterprise registered with the Philippine Board of Investments and engaged in preferred areas of activity he shall be deemed to have paid in addition to the Philippine tax actually paid, Philippine tax in an amount equal to 10 percent of the gross amount of the royalties. For the purposes of this Article, profits, income or gains of a resident of New Zealand which are taxed in the Philippines in accordance with the Convention shall be deemed to arise from sources in the Philippines.

RELIEF FROM DOUBLE TAXATION. 1. In Spain, double taxation will be avoided, in accordance with the relevant provisions of the law of Spain, as follows: a) Where a resident of Spain derives income which, in accordance with the provisions of this Convention, may be taxed in the United States, other than solely by reason of citizenship, Spain shall allow as a deduction from the tax on the income of that resident an amount equal to the income tax actually paid in the United States. Such deduction shall not, however, exceed that part of the income tax, as computed before the deduction is given, which is attributable to the income derived from the United States. b) In the case of a dividend paid by a company which is a resident of the United States to a company which is a resident of Spain and which holds directly at least 25 percent of the capital of the company paying the dividend, in the computation of the credit there shall be taken into account, in addition to the tax creditable under subparagraph a) of this paragraph, that part of the tax effectively paid by the first-mentioned company on the profits out of which the dividend is paid which relates to such dividend, provided that such amount of tax is included, for this purpose, in the taxable base of the receiving company. Such deduction, together with the deduction allowable in respect of the dividend under subparagraph a) of this paragraph, shall not exceed that part of the income tax, as computed before the deduction is given, which is attributable to the income subject to tax in the United States. For the application of this subparagraph it shall be required that a 25 percent or greater participation in the company paying the dividend is held on a continuous basis during the taxable year in which the dividend is paid as well as during the previous taxable year. c) Where, in accordance with any provision of the Convention, income derived by a resident of Spain is exempt from tax in Spain, Spain may, nevertheless, take into account the exempted income in calculating the amount of tax on the remaining income of such resident. 2. In accordance with the provisions and subject to the limitations of the law of the United States (as it may be amended from time to time without changing the general principle thereof), the United States shall allow to a resident or citizen of the United States as a credit against the United States tax on income a) the income tax paid to Spain by or on behalf of such citizen or resident; and

RELIEF FROM DOUBLE TAXATION. 1. In accordance with the provisions and subject to the limitations of the law of the United States (as it may be amended from time to time without changing the general principle hereof), the United States shall allow to a resident or citizen of the United States as a credit against the United States tax on income applicable to residents and citizens: a) the income tax paid or accrued to Malta by or on behalf of such resident or citizen; and b) in the case of a United States company owning at least 10 percent of the voting stock of a company that is a resident of Malta and from which the United States company receives dividends, the income tax paid or accrued to Malta by or on behalf of the payer with respect to the profits out of which the dividends are paid. For the purposes of this paragraph, the taxes referred to in paragraphs 3 a) and 4 of Article 2 (Taxes Covered) shall be considered income taxes. 2. In accordance with and subject to the provisions of the law of Malta regarding the allowance of a credit against Malta tax in respect of foreign tax: a) where, in accordance with the provisions of this Convention, there is included in a Malta assessment income from sources within the United States, the United States tax on such income shall be allowed as a credit against the relative Malta tax payable thereon; and b) where a Maltese company owns at least 10 percent of the voting stock of a company that is a resident of the United States and from which the Maltese company receives dividends that are included in a Malta assessment in accordance with the provisions of this Convention, the income tax paid or accrued to the United States by or on behalf of the payer with respect to the profits out of which the dividends are paid shall, if those profits are included in a Malta assessment, be allowed as a credit against the relative Malta tax payable thereon. 3. For the purposes of applying paragraph 1 of this Article, an item of gross income, as determined under the laws of the United States, derived by a resident of the United States that, under this Convention, may be taxed in Malta shall be deemed to be income from sources in Malta. 4. Where a United States citizen is a resident of Malta: a) with respect to items of income that under the provisions of this Convention are exempt from United States tax or that are subject to a reduced rate of United States tax when derived by a resident of Malta who is not a United States citizen, Malta shall allow as a credi...

RELIEF FROM DOUBLE TAXATION. 1. Tax shall be determined in the case of a resident of the Federal Republic of Germany as follows: (a) Unless the provisions of sub-paragraph (b) apply, there shall be excluded from the basis upon which German tax is imposed, any item of income derived from, and any item of capital situated within Singapore, which, according to this Agreement, may be taxed in Singapore. The Federal Republic of Germany, however, retains the right to take into account in the determination of its rate of tax the items of income and capital so excluded. In the case of income from dividends, the foregoing provisions of this sub- paragraph shall apply only to such dividends as are paid to a company being a resident of the Federal Republic of Germany by a company being a resident of Singapore if at least 25 per cent of the capital of the Singapore company is owned directly by the German company. There shall also be excluded from the basis upon which German tax is imposed any shareholding, the dividends of which, if paid, would be excluded from the basis upon which tax is imposed according to the immediately foregoing sentence. (b) Subject to the provisions of German tax law regarding credit for foreign tax, there shall be allowed as a credit against German income tax or corporation tax payable in respect of the following items of income derived from Singapore, the Singapore tax paid under the laws of Singapore and in accordance with this Agreement on (aa) dividends to which sub-paragraph (a) does not apply; (bb) interest to which paragraph 2 of Article 11 applies; (cc) royalties to which paragraph 2 of Article 12 applies; (dd) income to which article 15 applies;

RELIEF FROM DOUBLE TAXATION. For purposes of paragraph 1 of Article 23, the withholding tax under Article 94 of Turkey's Income Tax Law will not be considered an income tax. Thus, whether that tax is a creditable income tax will depend upon whether it meets U.S. standards under the Internal Revenue Code.

RELIEF FROM DOUBLE TAXATION. In accordance with the provisions and subject to the limitations of the law of each Contracting State (as it may be amended from time to time without changing the general principle hereof), each State shall allow to its residents (and, in the case of the United States, its citizens), as a credit against the income tax of that State: a) the income tax paid to the other Contracting State by or on behalf of such residents or citizens; and b) in the case of a company owning at least 10 percent of the voting stock of a company which is a resident of the other Contracting State and from which the first-mentioned company receives dividends, the income tax paid to the other State by or on behalf of the distributing company with respect to the profits out of which the dividends are paid. For purposes of this Article, the United States taxes referred to in paragraphs 1 a) and 2 of Article 2 (Taxes Covered), and the Kazakhstan taxes referred to in paragraphs 1 b) and 2 of Article 2 (Taxes Covered), as described in paragraph 8 of the Protocol to this Convention, shall be considered income taxes.