Retained Taxes. Each Party will be responsible for the payment of any taxes, levies and charges on its own personal and real property, business and franchise and privilege taxes on its business, and for taxes based on its net income or gross receipts (“Income Taxes”), in each case that are imposed by applicable Government Authorities (collectively, the “Retained Taxes”). If required by Applicable Law, Seres will be entitled to withhold an amount in respect of any Income Tax from any payment to GenIbet only to the extent GenIbet does not benefit of any exemption of withholding tax under applicable tax treaties or to the limit of any reduced withholding tax GenIbet may benefit under applicable tax treaties. Seres shall inform GxxXxxx in writing in advance of any such required tax withholding, as well as, of any reduced withholding tax or exemption of withholding tax GenIbet may benefit under applicable tax treaties and the respective formalities. If any amounts in respect of Income Taxes are withheld by Seres, Seres shall pay such amounts over to the applicable Governmental Authority and provide documentation to GenIbet evidencing such payment. |||
Retained Taxes. Each Party will be responsible for the payment of any taxes, levies and charges on its own personal and real property, business and franchise and privilege taxes on its business, and for taxes based on its net income or gross receipts (“Income Taxes”), in each case that are imposed by applicable Government Authorities (collectively, the “Retained Taxes”). If required by Applicable Law, Seres will be entitled to withhold an amount in respect of any Income Tax from any payment to Bacthera only to the extent Bacthera does not benefit of any exemption of withholding tax under applicable tax treaties or to the limit of any reduced withholding tax Bacthera may benefit under applicable tax treaties. Seres shall inform Bacthera in writing in advance of any such required tax withholding, as well as of any reduced withholding tax or exemption of withholding tax Bacthera may benefit under applicable tax treaties and the respective formalities, and Bacthera shall provide applicable internal revenue service forms or other tax authority forms to ensure that any withholding tax treaty benefits qualifications are met. If any amounts in respect of Income Taxes are withheld by Seres, Seres shall pay such [***] Certain information in this document has been excluded pursuant to Regulation S-K, Item (601)(b)(10). Such excluded information is both (i) not material and (ii) the type that the Registrant treats as private or confidential. amounts over to the applicable Governmental Authority and provide documentation to Bacthera evidencing such payment.
