Article 24 - Exemption and credit methods - UAR (Egypt)

CHAPTER IV METHOD FOR ELIMINATION OF DOUBLE TAXATION ARTICLE 24 EXEMPTION AND CREDIT METHODS 1. Where a person being a resident of a Contracting State derives income from the other Contracting State and that income, in accordance with the provisions of this Convention, shall be taxable only in that other Contracting State, or may be taxed in that other Contracting State, the first-mentioned State shall, subject to the provisions of paragraph (2) exempt such income from tax but may, in calculating tax on the remaining income of that person, apply the rate of tax which would have been applicable if the exempted income had not been so exempted. 2. Where a person being a resident of a Contracting State derives income from the other Contracting State and that income, in accordance with the provisions of articles XI and XII may be taxed in that other Contracting State, the first-mentioned State shall allow as a deduction from the tax, on the income of that person and amount equal to the tax paid in that other Contracting State. Such deduction shall not, however, exceed that part of the tax, as computed before the deduction is given, which is appropriate to the income derived from that other Contracting State.