Tax Duties Sample Clauses
The Tax Duties clause defines the responsibilities of each party regarding the payment, withholding, and reporting of taxes related to the agreement. Typically, it specifies which party is liable for various types of taxes, such as sales tax, value-added tax, or income tax, and may require one party to provide documentation or proof of tax payments. This clause ensures that tax obligations are clearly allocated, reducing the risk of disputes or unexpected liabilities arising from tax authorities.
Tax Duties. The above-mentioned upfront payment, milestone payments and sales commission paid/to be paid by CSPC Group do not include value added tax, and the value-added tax shall be borne by CSPC Group. Other taxes shall be borne by both parties in accordance with the law.
Tax Duties. The Contractor shall:
(a) Pay and indemnify the Corporation against all taxes, duties, goods and services tax and duties, charges, taxes payable in connection with the carrying out of Work under Contract; and
(b) Provide all security required under any statutory requirement as security for the payment of any duties, charges, and taxes.
Tax Duties a) Income Tax will be deducted by OGDCL at source according to prevailing rate prescribed by the Govt. of Pakistan. Tax will not be deducted on submission of valid exemption certificate by Contractor issued by the Income Tax Authorities.
b) All taxes on the income or payments to the Contractor arising accruing or resulting under the Purchase Order(s) whether present or future, assessed or payable, inside or outside Pakistan shall be the exclusive responsibility of the Contractor (s). Company, in order to discharge its responsibilities as withholding agent shall withhold income tax from the payments to the Contractor (s) within the Purchase Order value at the rates applicable at the time of payments.
c) GST on goods and PST on allied services is applicable in Pakistan under federal/provincial sales tax laws. The Contractor (s) being registered with respective federal/provincial revenue authority of Pakistan is entitled to charge applicable sales tax over and above it’s bid price and will be responsible for the payment of such sales tax to the respective revenue authority as per the prevailing federal/provincial sales tax laws. OGDCL being the withholding agent from the Contractor (s) (whether registered or un-registered) shall withhold, wherever applicable, as per respective sales tax withholding rules.
d) The Contractor shall be responsible for income tax and all other taxes levied on the Contractor (s), their social security obligations and contributions regardless of whether such contributions are levied on Purchaser in Pakistan.
e) THE Contractor shall keep the OGDCL informed of the steps taken by it to discharge the tax obligations under the Purchase Order(s) and provide supporting documents whenever required by the OGDCL.
f) THE Contractor shall indemnify the OGDCL against any claim which might occur due to non- compliance by the Contractor (s) of any legal obligation regarding taxes, duties, fees, levies, or other charges, including taxes on income and sales tax in Pakistan and any other payments due to the Federal or Provincial Governments, their agencies or any other relevant authority.
g) Under the auspices of COMPANY, the Contractor shall be exempt from customs duties in excess of 5% and valorem leviable under first Schedule to the Pakistan Customs ▇▇▇ ▇▇▇▇ and the whole of sales tax leviable under Sales Tax Act, 1990 on import of consumable and or non-consumable materials, machinery & equipment not manufactured locally and or in excess of 10% ad...
Tax Duties. Except as otherwise provided herein, the Bank will make Net Benefit Payments to Participants and Beneficiaries in accordance with the Payment Schedule. The Customer will (and the Bank has no duty to) calculate, withhold, prepare, sign, disclose, file, report, remit, or furnish to any taxing authority or any taxpayer any federal, state, or local taxes, tax returns, or information returns that may be required to be calculated, withheld, prepared, signed, disclosed, filed, reported, remitted, or furnished with respect to the Plan (such as the vesting or payment of Plan benefits) or Account, except to the extent such duties are required by law to be performed only by the Bank in its capacity as trustee under this Agreement (such as filing and furnishing IRS Form 1041 with respect to the Account) or are expressly set forth herein. Without limiting the generality of the foregoing, the Customer will (and the Bank has no duty to) file and furnish IRS Form W-2 (Wage and Tax Statement) as needed with respect to the vesting and payment of Plan benefits and remit taxes accordingly to the appropriate taxing authorities.
Tax Duties. Except as otherwise provided herein, the Bank will make Net Benefit Payments to Participants and Beneficiaries in accordance with the Payment Schedule. The Customer will (and the Bank has no duty to) calculate, withhold, prepare, sign, disclose, file, report, remit, or furnish to any taxing authority or any taxpayer any federal, state, or local taxes, tax returns, or information returns that may be required to be calculated, withheld, prepared, signed, disclosed, filed, reported, remitted, or furnished with respect to the Plan (such as the vesting or payment of Plan benefits) or Account, except to the extent such duties are required by law to be performed only by the Bank in its capacity as trustee under this Agreement (such as filing and furnishing IRS Form 1041 with respect to the Account) or are expressly set forth herein. Without limiting the generality of the foregoing, the Customer will (and the Bank has no duty to) file and furnish IRS Form W-2 (Wage and Tax Statement) as needed with respect to the vesting and payment of Plan benefits and remit taxes accordingly to the appropriate taxing authorities.
3.4.1. The following provisions apply if and only if the 1099 Filer is the Bank:
3.4.1.1. To the extent the Customer has provided the information described above, as well as any other information required by Form 1099 (including, but not limited to, the applicable distribution codes), the Bank will, with respect to Payees that are outside directors, independent contractors, or beneficiaries, (i) report amounts paid from the Account on Form 1099-MISC (Miscellaneous Income) or, if the Payee is a beneficiary and the Plan is a private-sector 457(b) plan, on Form 1099-R (Distributions from Pensions, Annuities, Retirement or Profit Sharing Plans, IRAs, Insurance Contracts, etc.) and on comparable information returns that are required with respect to the States); and (ii) remit the portion of the Tax Reserve that relates to such returns to the IRS and to the taxing authorities of the States and file Form 945 (Annual Return of Withheld Federal Income Tax: For Withholding Reported on Forms 1099 and W-2G) and comparable returns that are required with respect to the States.
3.4.1.2. The Customer may direct the Bank to distribute the remainder of the Tax Reserve to the Customer to reimburse the Customer for remittances paid by the Customer to the appropriate taxing authorities.
3.4.1. The following provision applies if and only if the 1099 Filer is the Customer. Th...
Tax Duties. The quoted rate should be inclusive of all taxes and duties including GST.
Tax Duties. Bank has no duty to calculate, withhold, disclose, report, or remit to the appropriate taxing authorities or anyone else any federal, state, or local taxes that may be required to be calculated, withheld, disclosed, reported, or remitted with respect to the Assets or the Account, except to the extent such duties are required by law to be performed only by a custodian.