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.
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:
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. 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. 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 in regard to the formulas applicable for the calculation of interests. In regard to the tax liabilities of the NBB-SSS, the issuer, the Participants and the sub-Participants, reference is made to the laws and regulations in force.
TAX SYSTEM. 22.1 The tax system applicable to the present Convention shall vary according to the various phases of operation.
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. 8.1 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.
TAX SYSTEM. Those rates set out in the regulations in force shall be applied to this insurance contract, if due.
TAX SYSTEM. 23.1. The Contractor is subject to taxation on companies as provided in the general Tax Code and on the Oil Producers Code. The net profits that the Contractor draws from the entirety of its Oil Operations in the territory of the Republic of Senegal as defined in the General Tax Code, unless otherwise stated in the Oil Producers Code, are subject to a tax on corporations of thirty-five percent (35 %) calculated on said net profits. The Contractor holds per Civil Year, in accordance with the regulations in effect in Senegal and the provisions of the present Contract, a separate accounting of the Oil Operations which enables the establishing of a profits and losses account and a balance sheet indicating both the results of said operations as well as the credit and liability items assigned thereto or directly relating thereto. In the event the Contractor is composed of several entities, their tax obligations are separate. In accordance with the provisions of Article 22.9 hereinabove, the Contractor shall not be subjected to any payment to the State with respect to tax on corporations. From the standpoint of the tax authorities of the Republic of Senegal, the share of the Hydrocarbons that the Contractor receives pursuant to Articles 22.1 and 22.3 hereinabove, is considered as representing the recovery of the Oil Producer Costs and the net profit due the Contractor after taxes on corporations.
