Compact Contract definition
Examples of Compact Contract in a sentence
Any Exempt Vendor earning both Compact-related corporate income and non-Compact- related corporate income in any given fiscal year shall: Submit and register each Compact-related contract or agreement (each a “Compact Contract”) with DGI, together with a certification from MCA-Burkina Faso II confirming that the goods, services or works to be provided under the Compact Contract form a part of the Program.
In such cases, MCA-Zambia will send a letter to the Ministry of Finance and National Planning to request a temporal exemption from the payment of custom duties and tariffs on such machinery and equipment, and will provide a copy of the applicable Compact Contract, including the bill of quantities.
Such Eligible Individual will include a copy of the applicable Compact Contract and the Statutory Instrument with its tax return.
At the end of the tax year, such Eligible Individual shall file a tax return indicating that such income is not subject to taxation in Zambia, in accordance with the Compact, the Statutory Instrument issued by the Minister of Finance and National Planning and the Compact Contract.
In such cases, MCA-Zambia II shall send a letter to the Ministry of Finance and National Planning to request a temporal exemption from the payment of custom duties and tariffs on such machinery and equipment, and shall provide a copy of the applicable Compact Contract, including the bill of quantities.
At the end of the tax year, such Eligible Individual will file a tax return indicating that such income is not subject to taxation in Zambia, in accordance with the Compact, the Statutory Instrument issued by the Minister of Finance and National Planning and the Compact Contract.
The Eligible Entity will include a copy of the applicable Compact Contract and the Statutory Instrument with its tax return.
The applicable Eligible Entity or Eligible Individual will apply to ZRA by providing proof (normally a copy of the Compact Contract, together with confirmation from MCA-Zambia and any other documentation that may be required) that such entity or individual will be carrying out Compact-related projects or activities, and that such machinery or equipment is being imported for twelve months or less for the purposes of implementing such Compact-related projects or activities.
Upon issuance of the letter of rebate confirmation by the Ministry of Finance and National Planning, the Eligible Entity and/or Eligible Individual will be cleared free of customs duties and tariffs by ZRA to the extent of the Compact Contract, including the approved bill of quantities.
To facilitate issuance of this letter, MCA-Zambia II shall send a letter to the Ministry of Finance and National Planning confirming those entities or individuals eligible for the exemption, providing a copy of the applicable Compact Contract, including the approved bills of quantities.