- 72 - Petitioner argues that we can rely on the ETD determination. Respondent counters with several arguments. First, respondent argues that, prior to 1992, it was settled law that Article IV(f)(6) provided EGPC with a foreign tax credit. In support of this argument, respondent points to the fact that, in 1991, the GPC, a subsidiary of EGPC, prevailed before the Arbitral Tribunal in a dispute with the Finance Ministry and the ETD over whether a provision similar to Article IV(f)(6) entitled the GPC to a credit for taxes paid on behalf of another party. However, the decision of the tribunal focused on whether GPC in fact paid taxes on behalf of the foreign partner and did not deal with the question of whether GPC was entitled to a deduction or a credit for such taxes. Leaving aside whether the Arbitral Tribunal's decision constitutes settled Egyptian law, it is obvious that such decision does not operate to preclude the ETD from challenging EGPC's credit practice. As a second point, based on her assertion that settled Egyptian law provided for a credit under Article IV(f)(6), respondent argues that "Article IV(f)(6) is a statutory provision which cannot be amended except by the enactment of another law by the People's Assembly and the President", and that neither the ETD determination nor the December 1992 agreement between Amoco Egypt and EGPC is sufficient to amend the statutory text of Article IV(f)(6). We think it obvious from our earlier analysis that this argument is without merit. The ETD determination andPage: Previous 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 Next
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