Common use of in Singapore Clause in Contracts

in Singapore. Where a resident of Singapore derives income which, in accordance with the provisions of this Agreement, may be taxed in Russia, the amount of tax on that income payable in Russia shall be credited against the tax imposed in Singapore. The amount of credit, however, shall not exceed the amount of the tax on that income computed in accordance with the laws and regulations in Singapore. Where such income is a dividend paid by a company which is a resident of Russia to a resident of Singapore owning directly or indirectly not less than 10 per cent of the share capital of the first-mentioned company, the credit shall take into account the Russian tax paid by that company on the portion of its profits out of which the dividend is paid.

in Singapore. Where a resident of Singapore derives income which, in accordance with the provisions of this Agreement, may be taxed in Russia, the amount of tax on that income payable in Russia shall be credited against the tax imposed in Singapore. The amount of credit, however, shall not exceed the amount of the tax on that income computed in accordance with the laws and regulations in Singapore. Where such income is a dividend paid by a company which is a resident of Russia to a resident of Singapore owning directly or indirectly not less than 10 per cent of the share capital of the first-first- mentioned company, the credit shall take into account the Russian tax paid by that company on the portion of its profits out of which the dividend is paid.