FANCP definition
Examples of FANCP in a sentence
If in any Year the FANCP or the SANCP is a negative amount then no APT shall be due with reference to that FANCP or SANCP.
From and after the Transfer Date, PanAfrican Tanzania shall prepare and submit to the GOT annually, or quarterly if so requested, a statement of the FANCP and SANCP.
If in any year the FANCP or SANCP is a negative amount, then no Additional Profits Tax shall be due with reference to that FANCP or SANCP.
Calculations of the NCR, FANCP and SANCP shall be made in United States (US) Dollars, with all non-dollar expenditures converted to US Dollars on the basis of the exchange rates specified in Section 1.4 of the Accounting Procedure.
If for any year the FANCP, the SANCP and TANCP are positive amounts, the Petroleum Profits Tax payable for that year will be the amount calculated by reference to all the three accumulated net cash positions aforementioned cumulatively.
If for any year both the FANCP and the SANCP are positive amounts the Petroleum Profits Tax payable for that year will be the amounts calculated by reference to both the FANCP and the SANCP.
Provided that where the net cash position is being calculated for the purposes of "C" of the formula in the definition of the SANCP in relation to any year, paragraph (ii) of this definition will be modified to include Petroleum Profits Tax payable in respect of that year which was calculated by reference to the FANCP for that year.
Provided further that where the net cash position is being calculated for the purposes of "C" of the formula in the definition of TANCP in relation to any year paragraph (ii) of this definition will be modified to include Petroleum Profits Tax payable in respect of that year which was calculated by reference to the FANCP and SANCP for that year.
Where the Petroleum Profits Tax is calculated by reference to the FANCP the rate of Petroleum profits tax on that positive amount shall be 45 per cent; where it is calculated by reference to the SANCP the rate shall be per cent and where it is calculated by reference to the TANCP the rate shall be per cent.
To the amount calculated under (iii) in the definition of "C" is sub-article (b) above shall be added any Additional Profits Tax which would be payable from the Development Area if reference were made hereunder only to the FANCP.