Future Income Tax definition

Future Income Tax means future income tax expenses estimated (generally, year-by-year): (a) making appropriate allocations of estimated unclaimed costs and losses carried forward for tax purposes, between Oil and Gas activities and other business activities; (b) without deducting estimated future costs (for example, Crown royalties) that are not deductible in computing taxable income; (c) taking into account estimated tax credits and allowances (for example, royalty tax credits); and (d) applying to the future pre-tax net cash flows relating to West Isle's oil and gas activities the appropriate year-end statutory tax rates, taking into account future tax rates already legislated.
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Future Income Tax means future income tax expenses estimated (generally, year-by-year):
Sample 1

Examples of Future Income Tax in a sentence

  • In establishing BAT, the technology must be technologically “available” and “economically achievable.” The factors considered in assessing BAT include the cost of achieving BAT effluent reductions, the age of equipment and facilities involved, the process employed, potential process changes, non- water quality environmental impacts, including energy requirements, and other such factors as the EPA Administrator deems appropriate.

  • In August 2008, the CICA issued Emerging Issues Committee (“EIC”) EIC-171, Future Income Tax Consequences of Exchangeable Interests in an Income Trust or Specified Investment Flow-Through, which concludes that temporary differences associated with assets and liabilities attributable to exchangeable interests should not be recorded prior to the conversion of the exchangeable interests.

  • Under the liability method, the income tax expense shown in the Statement of Financial Performance is based on the pre-tax operating profit, adjusted for any permanent differences.Timing differences are brought to account as either a Provision for Deferred Income Tax or as an asset described as Future Income Tax Benefit.

  • Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.Judgement has been exercised in: Partial Recognition of a Future Income Tax BenefitThe Group has partially recognised the portion of accumulated tax losses to the extent it is probable that a taxable profit will be available against which to utilise the tax losses.

  • Short and long term debt increased by US$2.0 million to US$316.1 million compared to US$314.1 million as of December 31, 2012.

  • Future Income Tax Liability – Regulatory income tax liabilities will be presented separately from other liabilities on the balance sheet.

  • Therefore the Future Income Tax Liability previously recognized under GAAP on the acquisition of Valley High Ventures on March 25, 2011, which was capitalized to mineral properties, is reversed to conform with IFRS.

  • Any tax benefit of capital and non-capital losses has not been reflected in the Financial Statements as a Future Income Tax Asset.

  • Large Corporations Tax $ 3,079 $ 2,905 Future Income Tax (4,330) (22,551) -------------------------------------------------------------------------------- INCOME TAX RECOVERY $ (1,251) $ (19,646) ================================================================================ Cash taxes paid during the year ended December 31, 2003 were $4.5 million (December 31, 2002 - $2.4 million) and related solely to Large Corporations Tax.

  • Earnings Per Share:Earnings per share is calculated by dividing net profit /(loss) after tax with weighted average number of equity shares.(Rs. In Lakhs, unless stated otherwise) PARTICULARS33.

Related to Future Income Tax

  • Non-Income Tax means any Tax other than an Income Tax.

  • Income Tax means any federal, state, local, or foreign income tax, including any interest, penalty, or addition thereto, whether disputed or not.

  • Net Taxable Income has the meaning set forth in Section 4.01(b)(i).

  • Taxable income means, in the case of an individual, federal adjusted gross income determined without regard to 26 U.S.C. § 168(k) and:

  • Non-Income Tax Return means any Tax Return relating to any Tax other than an Income Tax.

  • State Income Tax means any Tax imposed by any State of the United States or by any political subdivision of any such State which is imposed on or measured by net income, including state and local franchise or similar Taxes measured by net income.

  • Unpaid estimated income tax means estimated income tax due but not paid by the date the tax is required to be paid under applicable law.

  • Tax Benefit Payment is defined in Section 3.1(b) of this Agreement.

  • Recapture Income means any gain recognized by the Partnership (computed without regard to any adjustment required by Section 734 or Section 743 of the Code) upon the disposition of any property or asset of the Partnership, which gain is characterized as ordinary income because it represents the recapture of deductions previously taken with respect to such property or asset.

  • Non-Income Taxes means any Taxes other than Income Taxes.

  • Incremental income tax means the total amount withheld

  • MUNICIPAL TAXABLE INCOME means the following:

  • Net Tax Benefit has the meaning set forth in Section 3.1(b) of this Agreement.

  • Foreign Income Tax means any Tax imposed by any foreign country or any possession of the United States, or by any political subdivision of any foreign country or United States possession, which is an income tax as defined in Treasury Regulation Section 1.901-2, and any interest, penalties, additions to tax, or additional amounts in respect of the foregoing.

  • Taxable means either:

  • Income Tax Return means any return, declaration, report, claim for refund, or information return or statement relating to Income Taxes, including any schedule or attachment thereto, and including any amendment thereof.

  • Income Taxes means any Tax which is based upon, measured by, or calculated with respect to (i) net income or profits (including, but not limited to, any capital gains, gross receipts, value added or minimum Tax) or (ii) multiple bases (including, but not limited to, corporate franchise, doing business or occupation Taxes) if one or more of the bases upon which such Tax may be based, by which it may be measured, or with respect to which it may be calculated is described in clause (i) of this sentence.

  • Precontribution Gain has the meaning set forth in subparagraph 4(c) of Exhibit B.

  • Consolidated federal taxable income means the consolidated taxable income of an affiliated group of corporations, as computed for the purposes of filing a consolidated federal income tax return, before consideration of net operating losses or special deductions. "Consolidated federal taxable income" does not include income or loss of an incumbent local exchange carrier that is excluded from the affiliated group under division (A)(1) of this section.

  • Consolidated federal income tax return means a consolidated return filed for federal income tax purposes pursuant to section 1501 of the Internal Revenue Code.

  • Tax Benefit means any refund, credit, or other reduction in otherwise required Tax payments.

  • Pre-Tax Income means income, as determined by GAAP, prior to deduction of the Bonus Pool (as hereinafter defined) and income taxes, and if applicable, after the deduction of any bonus pool of a future officer bonus plan adopted by the Company relating to an applicable Award Year and adjustments approved by the Board as described herein.

  • Incremental Income Taxes is defined in Section 6.9.

  • Federal Income Tax means any Tax imposed by Subtitle A of the Code, and any interest, penalties, additions to tax, or additional amounts in respect of the foregoing.

  • Income Tax Expense means for Borrower and its Subsidiaries, on a consolidated basis for any period, all state and federal income taxes (including without limitation Texas franchise taxes) paid or due to be paid during such period.

  • Transaction Tax Deductions means any Tax deductions relating to (i) the Company Transaction Expenses, and (ii) repayment of the Indebtedness, including any unamortized deferred financing fees in connection with the Indebtedness.