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of <h1>Credit Method Resolves Double Taxation by Allowing Tax Deductions Across Contracting States with Proportional Calculation Limits</h1> The statutory provision outlines a credit method for eliminating double taxation under a Double Tax Avoidance Agreement. It allows a resident state to deduct income or capital taxes paid in another contracting state, with the deduction limited to the proportional tax attributable to that specific income or capital. The provision enables tax calculation flexibility, permitting states to consider exempted income when determining tax on remaining income or capital, thereby preventing double taxation while maintaining comprehensive tax assessment.
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