PRC Tax Clause Samples

The PRC Tax clause defines the responsibilities and procedures related to taxes imposed by the People's Republic of China (PRC) in the context of a contract. It typically specifies which party is liable for paying PRC taxes, such as value-added tax (VAT), withholding tax, or other applicable levies, and may outline the process for handling tax deductions or remittances. This clause ensures that both parties are clear on their tax obligations under PRC law, thereby reducing the risk of disputes or unexpected financial liabilities related to taxation.
PRC Tax. The execution and performance by each party thereto of each Transaction Document, and the ordinary business operations of each Group Member other than the Onshore Companies, does not give rise to any Tax Liability within the PRC.
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PRC Tax. To the best of our knowledge after due inquiry, there are no material PRC fees or taxes that are or will become applicable to the Company, the PRC Companies as a consequence of the completion of the Transaction that have not been described in the Transaction Documents. This opinion relates to the Laws of the PRC (other than the laws of the Hong Kong Special Administrative Region, the Macau Special Administrative Region and the Taiwan region) in effect on the date hereof. We hereby consent to the use of this opinion as an Exhibit to the Transaction Documents. This opinion is addressed to the Investors solely for their benefit, and may be relied upon only by the Investors. It may not be relied upon, quoted or referred to for any other purpose or by anyone else and may not be disclosed to any other person without our prior written consent. Yours faithfully, /s/ Global Law Office Global Law Office 14 June 2006 The Investors listed in Schedule “A” attached hereto DIRECT LINE: 8521110 E-MAIL: ▇▇▇.▇▇▇▇▇▇▇@conyersdill&▇▇▇▇▇▇▇.▇▇▇ OUR REF: 92892/952558/ECJ/no YOUR REF: (the “Investors”) Dear Sirs: We have acted as special legal counsel in the British Virgin Islands to the Company in connection with an investment by the Investors in the Company, an International Business Company incorporated under the laws of the British Virgin Islands. For the purposes of giving this opinion, we have examined the following documents: (i) Share Purchase Agreement; (ii) Investors’ Rights Agreement; and (iii) First Refusal and Co-sale Agreement. The documents listed in items (i) through (iii) above are herein sometimes collectively referred to as the “Documents” (which term does not include any other instrument or agreement whether or not specifically referred to therein or attached as an exhibit or schedule thereto). We have also reviewed copies of the memorandum of association and the articles of association of the Company, resolutions in writing signed by all the directors and by the members of the Company and each dated 31 May 2006 respectively (the “Minutes”), and such other documents and made such enquiries as to questions of law as we have deemed necessary in order to render the opinion set forth below. We have assumed (a) the genuineness and authenticity of all signatures to the Documents and the conformity to the originals of all copies (whether or not certified) examined by us and the authenticity and completeness of the originals of all the Documents from which such copies ...
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PRC Tax. The Company will be responsible for the payment of all tax in the People’s Republic of China (“China”) on the Executive’s behalf payable in respect of Executive’s remuneration to the extent that the remuneration is paid to Executive for duties performed pursuant to this Agreement in China.
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Related to PRC Tax

  • DAC TAX The Company and the Reinsurer agree to the DAC Tax Election pursuant to Section 1.848-2(g)(8) of the Income Tax Regulations effective December 29, 1992, under Section 848 of the Internal Revenue code of 1986, as amended, whereby: 12.1.1 The party with the net positive consideration for this Agreement for each taxable year will capitalize specified policy acquisition expenses with respect to this Agreement without regard to the general deductions limitation of Section 848(c)(1); and 12.1.2 Both parties agree to exchange information pertaining to the amount of net consideration under this Agreement each year to ensure consistency. To achieve this, the Company shall provide the Reinsurer with a schedule of its calculation of the net considerations for all reinsurance agreements in force between them for a taxable year by no later than May 1 of the succeeding year. The Reinsurer shall advise the Company no later than May 31, otherwise the amounts will be presumed correct and shall be reported by both parties in their respective tax returns for such tax year. If the Reinsurer contests the Company's calculation of net consideration, the parties agree to act in good faith to resolve any differences within thirty (30) days of the date the Reinsurer submits its alternative calculation and report the amounts agreed upon in their respective tax returns for such year. The term "net consideration" will refer to the net consideration as defined in Regulation Section 1.848-2(f). The Company and the Reinsurer will report the amount of net consideration in their respective federal income tax returns for the previous calendar year. The Company and the Reinsurer will also attach a schedule to their respective federal income tax returns which identifies the Agreement as a reinsurance agreement for which the DAC Tax Election under Regulation Section 1.848.2 (g) (8) has been made. This DAC Tax Election will be effective for all years for which this Agreement remains in effect. The Company and the Reinsurer represent and warrant that they are subject to U.S. taxation under either the provisions of subchapter L of Chapter 1 or the provisions of subpart F of subchapter N of Chapter 1 of the Internal Revenue Code of 1986, as amended.

  • Tax Unless specified otherwise in the Proclamation of sale, if the sale of this property is subjected to Tax, such Tax will be payable and borne by the Purchaser.

  • Income Tax During each taxation year, the participating employee's income tax liability shall be in accordance with the Income Tax Act and directives from Canada Revenue Agency. Similarly, the withholding tax deducted at source by the College shall be in accordance with the Income Tax Act and directives from Canada Revenue Agency.

  • the U.S.-China income tax treaty allows an exemption from tax for scholarship income received by a Chinese student temporarily present in the United States. Under U.S. law, this student will become a resident alien for tax purposes if his or her stay in the United States exceeds 5 calendar years. However, paragraph 2 of the first Protocol to the U.S.-China treaty (dated April 30, 1984) allows the provisions of Article 20 to continue to apply even after the Chinese student becomes a resident alien of the United States. A Chinese student who qualifies for this exception (under paragraph 2 of the first protocol) and is relying on this exception to claim an exemption from tax on his or her scholarship or fellowship income would attach to Form 1. You do not furnish your TIN to the requester, 2. You do not certify your TIN when required (see the instructions for Part II for details), 3. The IRS tells the requester that you furnished an incorrect TIN, 4. The IRS tells you that you are subject to backup withholding because you did not report all your interest and dividends on your tax return (for reportable interest and dividends only), or 5. You do not certify to the requester that you are not subject to backup withholding under 4 above (for reportable interest and dividend accounts opened after 1983 only). Certain payees and payments are exempt from backup withholding. See Exempt payee code, later, and the separate Instructions for the Requester of Form W-9 for more information. Also see Special rules for partnerships, earlier. The Foreign Account Tax Compliance Act (FATCA) requires a participating foreign financial institution to report all United States account holders that are specified United States persons. Certain payees are exempt from FATCA reporting. See Exemption from FATCA reporting code, later, and the Instructions for the Requester of Form W-9 for more information.

  • Transfer Tax The Company and Parent shall cooperate in the preparation, execution and filing of all returns, questionnaires, applications or other documents regarding any real property transfer or gains, sales, use, transfer, value added, stock transfer and stamp taxes, any transfer, recording, registration and other fees and any similar taxes which become payable in connection with the transactions contemplated by this Agreement (together with any related interest, penalties or additions to tax, "Transfer Taxes"). All Transfer Taxes shall be paid by the Company and expressly shall not be a liability of any holder of the Company Common Stock.