Form of Payment of Taxes. The income tax payable by St. Xxx Bauxite in Jamaica shall be payable in United States dollars to such bank or banks in the United States of America or Jamaica as may be designated by the Government, and accordingly all books, records and statements, including computations for income tax, shall be kept and made in United States dollars and shall be open to inspection by the Commissioner responsible for Income Tax. It is agreed that St. Xxx Bauxite will make non-refundable non-assignable income tax payments of US$10,000,000 on or before June 30, 2010 and US$4,000,000 on or before April 1, 2011. The payments will be credited against St. Xxx Bauxite’s actual income tax liability arising in each calendar year of assessment at the rate of US$2,000,000 for 2010 and US$3,000,000 for each of the years 2011 to 2014. In the event that such credit exceeds the actual income tax liability in any year of assessment, the balance of such credit, along with any credit amounts carried over from a previous year, shall be added to the amount to be credited during the succeeding year of assessment. Any credit remaining in the year of assessment 2015 shall be applied at the rate of US$3,000,000 per annum until it is extinguished.
Form of Payment of Taxes. Upon the occurrence of a Taxable Event (as defined herein), the Grantee shall pay an amount equal to the applicable Withholding Taxes prior to Grantee’s receipt of any Shares or the payment of any cash due the Grantee as the result of the exercise of any portion of the Option. The Corporation shall have the right to deduct from any payment of cash to the Grantee an amount equal to the Withholding Taxes (as defined in the Plan) in satisfaction of the obligation to pay Withholding Taxes. In satisfaction of the obligation to pay Withholding Taxes to the Corporation, Grantee may make a written election, which may be accepted or rejected in the sole discretion of the Board, to have withheld a portion of the shares then issuable to Grantee for payment of Withholding Taxes, but not in excess of Grantee’s required statutory withholding obligation.
Form of Payment of Taxes. The income tax payable by St. Xxx Bauxite in Jamaica shall be payable in United States dollars to such bank or banks in the United States of America or Jamaica as may be designated by the Government, and accordingly all books, records and statements, including computations for income tax, shall be kept and made in United States dollars and shall be open to inspection by the Commissioner responsible for Income Tax.
