in Singapore. Subject to the provisions of the laws of Singapore regarding the allowance as a credit against Singapore tax of tax payable in any country other than Singapore, Hungarian tax payable, whether directly or by deduction, in respect of income from sources within Hungary, shall be allowed as a credit against Singapore tax payable in respect of that income. Where such income is a dividend paid by a company which is a resident of Hungary to a company which is a resident of Singapore and which owns not less than 25 per cent of the shares of the company paying the dividend, the credit shall take into account Hungarian tax payable by that company in respect of its income out of which the dividend is paid. The credit shall not, however, exceed that part of the Singapore tax, as computed before the credit is given, which is appropriate to such item of income.
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