Tax Reform. Adjusted Net Income for each fiscal year during the Performance Period and Adjusted Capital as of each quarter end used in calculating Average Adjusted Capital for any fiscal year of the Performance Period shall be adjusted to eliminate the impact resulting from major changes in federal or state tax laws.
Tax Reform. The chairman of the Senate Committee on the Budget may revise the allocations of a committee or committees, aggregates, and other appropriate levels in this resolution for one or more bills, joint resolutions, amendments, motions, or conference reports that would reform the Internal Revenue Code to ensure S. Con. Res. 13—18 a sustainable revenue base that would lead to a fairer and more efficient tax system and to a more competitive business environment for United States enterprises, by the amounts provided in such legislation for those purposes, provided that such legislation would not increase the deficit over either the period of the total of fiscal years 2009 through 2014 or the period of the total of fiscal years 2009 through 2019.
Tax Reform. (e) that satisfactory progress in implementing legislative initiatives to reduce distortions in the tax system has been achieved, including, but not limited to:
Tax Reform. (a) The parties acknowledge that:
Tax Reform. If any reform in the Australian taxation system, such as the introduction of a goods and services tax, materially affects Xxxxx Media’s rights under this agreement or the parties’ ability to perform this agreement, Xxxxx Media may require that Xxxxx Media and Agent renegotiate the terms of this agreement. If such a renegotiation cannot be achieved while preserving the essential terms of this agreement then Xxxxx Media may terminate this agreement by written notice to Agent.
Tax Reform. Certainty over the terms of the OECD Agreement and the technical details which are expected to be published in November 2021 will allow Ireland to reform its tax system to best accommodate the provisions of the OECD Agreement. Ireland’s negotiations on the OECD Agreement over recent weeks and months has demonstrated its commitment to retaining an attractive and stable environment for multinationals and it is expected that our implementation of the OECD Agreement and related tax reform will reflect this. We highlighted some of the necessary reforms in our above- mentioned submission to the Irish Department of Finance on the OECD proposals. Summary Ireland’s favourable tax regime Corporation Tax on profits 12.5% on trading profits for companies (will continue post implementation of Pillar Two rules for unaffected companies) 25% on passive income and 33% on gains from disposal of assets Sale of subsidiaries The sale or disposal by an Irish holding company of shares in a subsidiary company resident in an EU Member State or a country with which Ireland has a double tax treaty should be exempt from Irish capital gains tax (otherwise chargeable at a rate of 33%) provided certain conditions are satisfied. Dividend income While Ireland does not have a full participation exemption in respect of foreign dividends, Ireland has a flexible system for granting foreign tax credits which can minimise or eliminate Irish tax on dividend income. Ireland provides for unilateral credit relief for foreign withholding tax and underlying taxes on dividends paid to an Irish resident company. Repatriation of profits There are a wide range of exemptions from dividend withholding tax (at a rate of 25% since 1 January 2020) on repatriations by an Irish company to its shareholders. R&D incentives* A company that incurs expenditure on R&D may avail of a tax credit of 25% on all R&D expenditure incurred (subject to certain conditions) in addition to the tax deduction of 12.5%. The combined effect of these provisions is that it is possible to obtain tax relief at an effective rate of up to 37.5% of expenditure on R&D. The Knowledge Development Box is a type of tax relief which applies to income from qualifying patents, computer programmes and, for smaller companies, certain other certified intellectual property. It is aimed at incentivising companies to undertake innovative activities in Ireland by providing an effective 6.25% corporate tax rate for profits generated from the sale or explo...
