Foreign Companies. The Contractor is entirely responsible for fulfilling all VAT obligations. Should, as a direct or indirect consequence of the incomplete or incorrect application of VAT legislation by the Contractor or one of his subcontractors, an obligation arise for the Principal, whether or not based on a several obligation, to pay any sum in VAT of fines, or any limitations or refusals of the right to VAT deduction, or any other disadvantage, the Contractor shall be required to compensate the Principal for any and all sums owed by the Principal, and any and all damage. When goods are imported by the Contractor, the Principal cannot be designated as consignee for the application of VAT and customs legislation. The Contractor shall, within the boundaries define by VAT legislation, do all he can do to avoid that the Principal, as consignee or in whatever other capacity, would be required to pay import VAT or any other import charges whatsoever to the Belgian or foreign authorities. Neither can the import VAT be charged on to the Principal in any way.
Foreign Companies. Send or otherwise transfer funds to the Foreign Companies in an aggregate amount in excess of $500,000 in any calendar year, other than (i) intercompany trade transactions in the ordinary course of business and consistent with past practice, (ii) up to $300,000 to Harmony Trading; and (iii) to Xxxxxxx Mexicana S.A. de C.V. in amounts not to exceed (a) $350,000 for operations in any calendar year and (b) $150,000 for inventory purchasing in any calendar year.
Foreign Companies. 2.3.1. An official document issued by the country of incorporation bearing the company’s name, number and address.
Foreign Companies. Send or otherwise transfer funds to the Foreign Companies in an aggregate amount in excess of $500,000 in any fiscal year, other than (i) intercompany trade transactions in the ordinary course of business and consistent with past practice; (ii) up to $400,000 to Harmony Trading; (iii) to Q.E.P. Xxxxxxx Mexicana, S. de X.X. de C.V. (including its’ predecessor company) in amounts not to exceed (a) $350,000 for operations in any calendar year and (b) $150,000 for inventory purchasing in any calendar year; and (iv) up to $200,000 to Q.E.P. Aust. Pty. Limited during the fiscal year ending February 28, 2010.
Foreign Companies. Companies formed under any laws other than those of the Philippines. There must be an appointment of a resident agent of the foreign company, who will receive summons and legal processes in connection with actions and other legal proceedings. FINANCIAL REGULATIONS. Financial regulations are imposed on insurance companies to help maintain the healthy financial status of the companies. They will help government because insurance companies are also financial intermediaries. Asymmetric information and adverse selection. Asymmetric information arises when one of the parties has insufficient knowledge about the other party in the contract that makes it impossible to make the correct decision before entering into the contract. One of the problems involved in this is that when there is asymmetric information, there is “adverse selection” under which a person who is more likely to be unreliable is the more likely to seek out the transaction. MARGIN OF SOLVENCY. This margin of insolvency of insurance corporations shall be an excess of the value of its admitted assets exclusive of its paid up capital, in the case of a domestic company, or an excess of the value of its admitted assets in the Philippines. ADMITTED ASSETS. Admitted assets are assets that are allowed by the law to be part of assets that will be part of the bases in determining the financial conditions of the insurance company. Non-admitted assets are the assets that will not be allowed to be carried on the balance sheet of the insurance company. They are believed to be of marginal quality or of little liquidity for policy holders if the insurer should get into financial difficulty. DIVIDEND POLICY> The insurance code prohibits the declaration or distribution of dividends if the following are impaired
Foreign Companies. (a) Each of the U.S. Shareholders, the N.Z. Shareholders and the Australian Company represents with respect to the U.S. Company, the N.Z. Company and the U.K. Company, respectively, that (i) except as set forth on Schedule 4.33, none of the Foreign Companies has any operations, any employees, any benefit plans related to any employees or any assets and (ii) none of the Foreign Companies has any accounts receivable, any accounts payable or any Debt.
Foreign Companies. 18 U.S. Government Policies....................................................18
Foreign Companies. 3.17.1 No notice of the making of a direction under ICTA s747 (Imputation of chargeable profits and creditable tax of controlled foreign companies) has been received by the Company and no circumstances exist which would entitle the Inland Revenue to make a direction and to apportion profits of a controlled foreign company to the Company under ICTA s752 (Apportionment of chargeable profits and creditable tax).
Foreign Companies. 12.1 The Company shall not be deemed to have made a disposal of its assets since incorporation under s185 TCGA (deemed disposal of assets on company ceasing to be resident in UK).
