TAX SYSTEM Clause Samples
The TAX SYSTEM clause defines the rules and procedures governing the assessment, collection, and payment of taxes relevant to the agreement or transaction. It typically outlines which party is responsible for specific tax obligations, such as sales tax, value-added tax, or withholding tax, and may specify how tax documentation should be handled. By clearly allocating tax responsibilities, this clause helps prevent disputes and ensures compliance with applicable tax laws, thereby reducing the risk of unexpected financial liabilities.
TAX SYSTEM. 17.1. Subject to any provisions to the contrary in this Agreement, the Contractor, as a result of its Petroleum Operations, shall be subject to the applicable laws and regulations in effect in the Republic of Côte d’Ivoire with respect to Duties and Taxes, and including the requirements relating to providing tax returns as well as the calculation of taxes and tax contributions and the Contractor shall file any declarations that may be required for this purpose. It is specifically acknowledged that the provisions of this article apply individually with respect to all entities comprising the Contractor pursuant to this Agreement. The Contractor shall maintain, by Fiscal Year, separate accounting from the Petroleum Operations, in accordance with current legislation in the Republic of Côte d’Ivoire, especially in order to establish a production and income account as well as a balance sheet showing the results of the Petroleum Operations as well as the assets and liabilities allocated or related thereto.
17.2. For application of the provisions of article 17.1, the Contractor, according to its net earnings derived from the Petroleum Operations, is subject to direct taxation on industrial and commercial earnings as established in the General Tax Code. In accordance with the provisions of article 16.3 and 21.3.1, the Contractor shall not be subject to any payment to the Government for said tax. From the point of view of the tax authorities of the Republic of Côte d’Ivoire, the share of Hydrocarbons that the Contractor is authorised to receive pursuant to the provisions of articles 16.2, 16.3, 21.1.5, 21.2.4 and 21.3.1 is considered to represent the recovery of Petroleum Costs and the net earnings reverting to the Contractor after tax on industrial and commercial income.
17.3. In order to determine the net taxable earnings of the Contractor for a Fiscal Year, the production and income account shall be credited with:
a) the gross annual revenue of the Contractor reported in its accounting books, from the sale of the quantity of Hydrocarbons it has pursuant to the articles 16.2, 16.3 and 21.
3.1. The Contractor shall endeavour to obtain an export price for the Crude Oil that most closely reflects the international market rate at the time of establishing the price.
b) all other revenue or proceeds related to the Petroleum Operations, especially including those from: • the sale of related substances; • the processing, transportation or storage of products for Third Par...
TAX SYSTEM. The securities registered with the NBB-SSS are subject to the tax rules laid down by the Law of 6 August 1993 on transactions in certain securities and its implementing regulations, particularly with regards to the formulas applicable for the calculation of interests. With regards to the tax liabilities of the NBB-SSS, the Issuer, the Participants and clients, reference is made to the laws and regulations in force.
TAX SYSTEM. The tax system will be modified to (i) beginning in 2025-26, reduce tax rates in the first two tax brackets and increase tax rates in higher tax brackets, and increase “repeater” tax rates, and (ii) beginning in 2024-25, increase tax brackets at the rate of growth in the Salary Cap. The tax rates under the new CBA will be as follows:
TAX SYSTEM. Social partners shall strive to establish a stable, competitive, transparent and simple tax system which shall positively influence further unburdening of the economy and the improvement of its competitiveness, to support the economic growth and welfare of the people while maintaining the social sustainability of the tax system. Furthermore we agree that, with consideration to the established general principles, the implementation of the provisions must be constantly checked and that the tax system and tax policy must develop further on the basis of the findings. Both must be based on the equal treatment of economic subjects. The Government does not plan to increase the value added tax levels. Upon necessary reasons, if any, for the change of these levels, it shall examine all possible measures which may replace the potential changes. The possible measures shall be previously discussed by the Economic and Social Council. Social partners shall, together with the Government, discuss all key changes influencing the taxation of employers and employees at the Economic and Social Council. Government tasks: • to examine the opportunities for further quicker reduction of burdens on labour with consideration to the agreed fiscal frameworks and possibilities; • to examine and implement further possible simplifications of the tax system and to ensure uniform implementation of tax provisions, which shall stimulate voluntary payment of taxes; • to examine the effects of the elimination of individual types of tax relief, especially those concerning investments and housing construction, and to examine the possibility to introduce types of tax relief concerning participation of employees in profit sharing; • to finalise the establishment of the efficient and user-friendly tax administration; • to ensure an efficient tax control; • to analyse potential deficiencies in the implementation of tax provisions. Employers’ tasks: • to stimulate the observation of the tax legislation in force and the payment of contributions; • to present the problems in the implementation of tax provisions and to call attention to any inappropriate solutions in the tax legislation; • to prepare concrete proposals in different tax fields for the elimination of potential deficiencies. Trade Union task: • to support the measures for the changes in tax legislation which shall strengthen the competitiveness and the economic growth while maintaining the social sustainability of the tax system.
TAX SYSTEM. 22.1 The tax system applicable to the present Convention shall vary according to the various phases of operation.
22.2 From the date on which the present Convention comes into effect and for the first three years of production, BHP, the limited liability company and/or their affiliates and sub-contractors, depending on the circumstances, shall be exempt from all tax (including Tax on Services Rendered (CPS), Value Added Tax and Tax on Services), duties, contributions or any other direct or indirect taxes that they may have to pay personally or for which they may be liable with the exception of :
a) fixed duty for the issuing of an exploration permit regardless of its surface area : 300.000 F ;
b) the duty on the renewal of the exploration permit, at the time of each renewal : 300.000 F ;
c) fixed duty on the issue of a prospecting authorisation: 300.000 F
d) fixed duty on the issue of a mining authorisation: 7.000 F ;
e) fixed duty on the issue of a mining permit: 1.000.000 F ;
f) the additional surface fee for exploration permits and for authorisations to prospect, for the full duration of the Convention : • 50 F/km2 per year for the first period • 100 F/km2 per year for the first renewal • 200 F/km2 per year for the second renewal
g) the additional surface fee for mining permits and authorisations :
TAX SYSTEM. Under the lease contract both lessor and lessee has to pay the taxation Based on the lease rental and tax depreciation.
TAX SYSTEM. The Concessionaire will be subject to the tax system in the federal, state and municipal extent, being forced to fulfill it in accordance with deadlines and conditions set forth in the applicable legislation. When requested by ANP, the Concessionaire must submit the originals or certified copies of all certificates, acts of registration, permits, proof of registration in taxpayers records, evidence of tax regularity, evidence of regular position in the performance of social burdens imposed by law, registrations in entities or professional associations, and any other similar documents or certificates.
TAX SYSTEM. The rent, as well as charges and taxes collected by the Lessor shall be subject to the tax system referred to under the special terms and conditions. The Lessor reserves the possibility of making the rent liable to another tax system, a possibility that the Lessee has accepted, under conditions that exclude any change to the pre-tax amount of the applicable rent.
TAX SYSTEM. 26.1 Concerning the oil operations carried out in the Delimited Zone, Contractor is subject only to the following taxes, fees, dues, contributions and royalties:
a) the contribution to the hydrocarbon support fund as defined in Article 21.7 of the Contract;
b) the bonuses indicated in Article 28; these are paid in cash;
c) a corporate tax which is paid according to the modalities in Article 26.3;
d) a mining royalty proportional to the exploitation of hydrocarbons for Crude Oil, the rate of which is established at
(i) Four and a half percent (4.5%) when the Daily Total Available Production is lower than or equal to two hundred and twenty-five thousand (225,000) Barrels;
(ii) Eight percent (8%) when the Daily Total Available Production is higher than two hundred and twenty- five thousand (225,000) Barrels and less than or equal to three hundred thousand (300,000) Barrels;
(iii) Eleven percent (11%) when the Daily Total Available Production is higher than three hundred thousand (300,000) Barrels. The Total Available Production subject to the proportional mining royalty is reduced by the quantities: 1/- lost or burned in production tests in the Exploitation Zone or in production, collection or storage installations of the zone, provided Contractor complies with current regulations and the directives and recommendations of the Administration; 2/- re-injected in the Deposits of the Delimited Zone; 3/- used to produce drilling fluids for the needs of the Delimited Zone; 4/- used in work done after drilling in the ▇▇▇▇▇ of the deposits of the Delimited Zone; 5/- consumed in engines or turbines provided the energy used:
(i) for the operation of the pumping units necessary in the ▇▇▇▇▇ of the deposit of the Delimited Zone,
(ii) to collect the hydrocarbons in the Delimited Zone,
(iii) to operate the drilling and installations established in the Delimited Zone for its needs. Subject to Articles 26.1 d) 2/ and 26.1 d) 5/ the quantities, picked up or used upstream from the point where the Total Available Production subject to the proportional mining royalty is calculated, for the needs listed above, cannot be deducted from the base amount of the proportional mining royalty other than with the exceptional Authorization of the Administration, given at the justified request of Contractor. The value at the extraction place of a given quantity of hydrocarbons is equal to the F.O.B. value in the shipping port or at the loading pier of the same quantity of Crude Oil. To deter...
TAX SYSTEM. The income taxes, as well as the taxes borne by purchases and that generate credits utilizable by the Contractor do not integrate the Cost Oil.