Common use of In Spain Clause in Contracts

In Spain. In accordance with the provisions and subject to the limitations of the laws of Spain: a) Where a resident of Spain derives income or owns elements of capital which, in accordance with the provisions of this Convention, may be taxed in Lithuania, Spain shall allow: (i) as a deduction from the tax on the income of that resident, an amount equal to the income tax paid in Lithuania; (ii) as a deduction from the tax on the capital of that resident, an amount equal to the tax paid in Lithuania on the same elements of capital; (iii) the deduction of the underlying corporation tax shall be given in accordance with the internal legislation of Spain. Such deduction 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 same elements of capital which may be taxed in Lithuania. b) Where in accordance with any provision of the Convention income derived or capital owned by a resident of Spain is exempt from tax in Spain, Spain 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.

In Spain. In accordance with the provisions and subject to the limitations of the laws of Spain: a) Where a resident of Spain derives income or owns elements of capital which, in accordance with the provisions of this Convention, may be taxed in LithuaniaLatvia, Spain shall allow: (i) as a deduction from the tax on the income of that resident, an amount equal to the income tax paid in LithuaniaLatvia; (ii) as a deduction from the tax on the capital of that resident, an amount equal to the tax paid in Lithuania Latvia on the same elements of capital; (iii) the deduction of the underlying corporation tax shall be given in accordance with the internal legislation of Spain. Such deduction 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 same elements of capital which may be taxed in LithuaniaLatvia. b) Where in accordance with any provision of the Convention income derived or capital owned by a resident of Spain is exempt from tax in Spain, Spain 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.