Changes in Taxes Sample Clauses
The "Changes in Taxes" clause defines how adjustments to tax laws or tax rates during the term of an agreement will be handled between the parties. Typically, this clause allows one or both parties to modify payments or pricing if there are increases or decreases in applicable taxes, such as sales tax, VAT, or other government-imposed charges. Its core function is to allocate the risk of tax law changes, ensuring that neither party is unfairly burdened by unforeseen tax liabilities that arise after the contract is signed.
Changes in Taxes. Subject to Sections 7.1(b) and 7.1(c), any New Taxes shall be paid by the Party on whom such New Taxes are imposed by Applicable Law.
Changes in Taxes. Subject to Section 4.1(b) and 4.1(c) and provisions of this Agreement dealing with Government Action, any New Tax shall be paid by the Party on whom such New Tax is imposed by Applicable Laws.
Changes in Taxes. Subject to Sections 5.7(b), 5.7(c), 5.7(e) and 5.7(f), New Taxes payable in respect of the Maritime Link shall be payable as follows:
(i) any New Tax imposed or charged pursuant to the Income Tax Act, Income Tax Act (Newfoundland and Labrador) (including the imposition of such tax pursuant to the Canada-Newfoundland Atlantic Accord Implementation Act (Canada)), Income Tax Act (Nova Scotia) (including the imposition of such tax pursuant to the Canada-Nova Scotia Offshore Petroleum Resources Accord Implementation Act (Canada)), or Part IX of the Excise Tax Act shall be paid by the Party on whom such New Tax is imposed or charged by such laws; and
(ii) any other New Tax imposed or charged in respect of the Maritime Link shall be paid by ▇▇▇▇▇. For greater certainty,
(iii) Emera and its Affiliates are solely responsible for the payment of income taxes and HST payable by Emera and its Affiliates, as the case may be; and
(iv) Nalcor and its Affiliates are solely responsible for the payment of income taxes and HST payable by Nalcor and its Affiliates, as the case may be.
Changes in Taxes. Subject to Sections 8.8(b), 8.8(c), 8.8(e) and 8.8(f), New Taxes payable in respect of the ML Project shall be payable as follows:
(i) any New Tax imposed or charged pursuant to the Income Tax Act, Income Tax Act (Newfoundland and Labrador) (including the imposition of such tax pursuant to the Canada-Newfoundland Atlantic Accord Implementation Act (Canada)), Income Tax Act (Nova Scotia) (including the imposition of such tax pursuant to the Canada-Nova Scotia Offshore Petroleum Resources Accord Implementation Act (Canada)), or Part IX of the Excise Tax Act shall be paid by the Party on whom such New Tax is imposed or charged by such laws; and
(ii) any other New Tax imposed or charged in respect of the ML Project shall be paid:
(A) prior to the Cost Sharing End Date, by the Party on whom such New Tax is imposed or charged by Applicable Law; and
(B) after the Cost Sharing End Date, by Emera. For greater certainty,
(iii) Emera and its Affiliates are solely responsible for the payment of income taxes and HST payable by Emera and its Affiliates, as the case may be; and
(iv) Nalcor and its Affiliates are solely responsible for the payment of income taxes and HST payable by Nalcor and its Affiliates, as the case may be.