Fiscal Regime. Under the terms of the present agreement VAT is applicable at the fixed rate in cases of registration.
Fiscal Regime. 22.1. The fiscal regime applicable to the activities authorized for this Contract shall be composed of what is provided in Articles 24, 25, 26, 27, 28, 29 y 30 of this contract.
(i) The Beneficiary of an oil or gas exploration and production Contract may not use any of the benefits, income, revenue, flows or any other active of these to pay, finance, perform or cover exploration expenses, or other expenses of any nature which are not limited to those necessary to perform the exploitation operation authorized by the subject Contract; if it happens, the same shall not be recognized for fiscal purposes.
(ii) By virtue of the aforementioned, all the costs regarding the exploration and development, as well as the interests which can be attributed to it, shall be added to the capital accounts individually enabled for each Contract.
22.2. The collecting bodies shall be those of the Tax Administration, which are the General Directorate of Internal Taxes (DGII) and the General Direction of Customs (DGA) of Dominican Republic.
22.3. The specified fiscal obligations applicable to the extractive authority authorized for this contract, are those established specifically in the same, being these activities also subject, in a supplementary and general manner, to the dispositions of the Tax Code and other complementary laws.
22.4. The noncompliance of the obligations established in this Contract shall be subject to the penalties, sanctions and interests established in the Dominican Tax Code and its complementary laws.
22.5. All the compensations or taxes paid to the State are consolidated and accounted separately for each oil and gas exploration and producing Contract granted, considering the following:
22.6. Natural and legal persons being beneficiaries, or to which is applied a special fiscal regime in virtue of a fiscal incentive law, may not apply those fiscal schemes to the activities authorized by this Contract. In such cases, beneficiaries of each Oil and Gas Exploration and Production Contract shall have its own number of Taxpayer National Registry before DGII and keep a separate and specialized accounting for each Contract. Contractor shall join the fiscal regime in force in the Dominican Republic for these activities.
Fiscal Regime of the Contract shall be deleted and replaced by: “Contractor’s expatriates and those of its direct subcontractors shall be subject to personal income tax through withholding at the rate of 10% on the whole of the salaries paid in Guinea or abroad.”
Fiscal Regime. 23.1. The Consortium is, by virtue of its Petroleum Operations, subject to direct tax on profits provided for in this Convention, in accordance with Article 1.
6.1 of Annex III, and in the General Tax Code as well as the Petroleum Code, subject to any contrary provisions in this Convention.
23.2. The net profits that the Consortium makes from the whole of its petroleum Operations in the territory of the Republic of Chad are subject to a direct tax ox 00 %, CALCULATED ON THE SAID NET PROFITS, AS PROVIDED IN THE PETROLEUM CODE. ---------------------------------------------------------------------- THE OTHER PROVISIONS OF ARTICLE 65 OF THE PETROLEUM CODE ARE NOT APPLICABLE by ----------------------------------------------------------------------------- reason of the methods of determining the direct tax set out below, the royalty on production being considered as a deductible exploitation cost and not as a credit against tax. The Consortium shall keep by Calendar Year, in conformity with the regulations in force in Chad and the provisions of this Coxxxxtion, separate accounts for the Petroleum Operations which allow a general exploitation account, a profit and loss account and a balance sheet to be kept setting out both the results of the said operations and the assets and liabilities relating thereto or linked directly thereto.
23.3. In order to determine the net profits of the Consortium, the following shall be credited to the general exploitation account and the profit and loss account :
a) the value of the total quantities of Hydrocarbons from the Contract Area, sold by the Consortium at the Delivery Point, determined on the basis of the market Price dtermined in accordance with Articles 12 and 21 above, the quantities sold for internal consumption needs under Article 15.3 above being excluded.
b) If applicable, the value of the share of production paid by way of royalty in kind determined in accordance with the procedures set out in Article 22 above.
Fiscal Regime. Private power producers must implement the project within the applicable Tax Laws of Pakistan. In addition:
(a) Hydel power plants and power plants based on indigenous coal will be allowed a 90% First Year Allowance (FYA), for the cost of plant, machinery and equipment. FYA can be used to set off against statutory income in the year of assessment, and the balance can be carried forward to subsequent years.
(b) The companies are allowed to import plant and equipment on payment of customs duties, sales tax, Iqra, Flood relief and other surcharges as well as Import License Fees.
(c) Repatriation of equity along with dividends is freely allowed.
(d) Private parties may raise local and foreign finance in accordance with regulations applicable to industry in general. GOP approval will be required in accordance with such regulations.
(e) Maximum indigenisation shall be promoted in accordance with the GOP Policy and import substitution as well as S.R.O. No.193(I)/98 dated 26th March 1998 and CGO No.07/98 dated 24th March 1998.
(f) Orders received by local engineering and manufacturing companies from private power companies will be treated as an export for refinance under the State Bank of Pakistan's Export Finance Scheme.
(g) Non-Muslims and Non-residents shall be exempt from payment of Zakat on dividends paid by the company.
Fiscal Regime. For the sole purpose of VAT, this contract is hereby considered to be a service rendered, with the financial lessee being obligated to pay the financial lessor the legally stipulated tax chargeable for said service at the moment it is due in the manner and at the rate provided for by law.
Fiscal Regime. This Agreement, sent by correspondence and therefore not subject to stamp duty, provides for services subject to VAT and therefore, in the event of registration, the fixed tax will be deducted.
Fiscal Regime. Exhibit 2 to this Agreement sets forth the Government’s proposed fiscal regime for mining.13 This regime is set forth as proposed amendments to the Revenue Code and shall be read in conjunction with the Revenue Code as if such proposed amendments were in force for the purpose of determining the liabilities of the Company under the Revenue Code.
Fiscal Regime. The payment of any amount owed by the Borrower pursuant to the Agreement must be made net of all taxes, retained at source or debited in any manner whatsoever either at the present time or in the future. The Credit Agent shall notify to the Borrower by recorded delivery letter with confirmation of receipt:
Fiscal Regime. Schedule 6 to this Agreement sets forth the Government’s proposed fiscal regime for Mining. This regime is set forth as proposed amendments to the Revenue Code and shall be read in conjunction with the Revenue Code as if such proposed amendments were in force for the purpose of determining the liabilities of the Concessionaire under the Revenue Code. Except as specifically provided in Section 14.3 (Special Provisions), Section 15.1 (Royalties), Section 15.3 (Royalties on Minerals Purchase by the Concessionaire for Sale or Processing and Sale), and Section 15.4 (Surface Rent), the Concessionaire shall pay all Taxes and Duties in accordance with Schedule 6 and as otherwise provided by applicable Law.
