Greece (tax/treaty)

Methods for Elimination of Double Taxation 1. Where a resident of a Contracting State derives income or owns capital which, in accordance with the provisions of this Convention, may be taxed in the other Contracting State, the first - mentioned State shall allow: 1. a) as a deduction from the tax on the income of that resident, an amount equal to the income tax paid in that other State; b) as a deduction from the tax on the capital of that resident, an amount equal to the capital tax paid in that other State. Such deduction in either case 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 capital which may be taxed in that other State. 2. For the purposes of allowance as credit in a Contracting State, the tax which was subjected to exemption or deduction for a limited period under the provisions of encouragement of investment laws to promote economic development of either Contracting State shall be deemed to have been settled, and shall be deductible in the other Contracting State from the taxes payable on such incomes. The provisions of this Article shall apply for the first 5 years in which this Convention is effective.