Petroleum Resource Rent Tax Sample Clauses

Petroleum Resource Rent Tax. Petroleum resource rent tax (PRRT) was introduced in 1987 and is imposed by the Petroleum Resource Rent Tax Act 1987 (Cth) in respect of the “taxable profits” of certain petroleum projects. The rate of tax is 40%. As with all federal taxes, for constitutional reasons, the Act which imposes PRRT is separate from the Act under which it is assessed. The latter Act is the Petroleum Resource Rent Tax Assessment Act 1987 (Cth) which, like most such legislation is a complex verbal maze. One needs to glean, first of all, that the petroleum projects to which PRRT applies are only those under an “eligible production licence” which is defined to mean a production licence “other than a production licence that is related to one of the North West Shelf exploration permits”. The main operative provision is s 21 under which PRRT is payable “in respect of the taxable profit of a person of a year of tax in relation to a petroleum project”. The meaning of “taxable profit” is determined under s 22; basically, it is the amount by which assessable receipts exceed deductible expenditure.41 40 See Department of Parliamentary Library Research Note on “Crude Oil Excise and Royalties” No 29, 2000-01. 41 For a commentary on PRRT in its formative stages, see R E S Argyle, “Resource Rent Tax – The Commonwealth Proposals” [1984] AMPLA Yearbook 283. For the purposes of a farmout, the most relevant provision of the Petroleum Resource Rent Tax Act is s 48A relating to the transfer of part of an entitlement to assessable receipts. The section applies if a person enters into a transaction that has the effect of transferring part only of the person’s entitlement to derive, after the transfer, assessable receipts in relation to a petroleum project. Under the provisions of the section, the purchaser is taken to have derived receipts and incurred expenditure, and the vendor is taken not to have derived the receipts or incurred the expenditure. It is appropriate for the farmout agreement to make provision to facilitate the application of s 48A for the benefit of both the farmor and the farmee.
Sample 1
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Petroleum Resource Rent Tax. The Parties acknowledge the proposal of the Australian Government to amend the PRRT Act to extend its operation to onshore Australia including the Sale Interests from 1 July 2012 in accordance with recommendations of the Policy Transition Group Report to the Australian Government dated December 2010 (“the PTG Report”) and agree as follows: (a) to provide any notice required by section 48(3) of the PRRT Act, or any amendment to the PRRT Act to implement the recommendations of the PTG Report having similar affect, in respect of the sale of the Sale Interests; (b) where: (i) in respect of the Magellan Sale Interest Magellan is provided with a choice under the PRRT Act, as amended to implement the recommendation of the PTG Report, on the method of determining what is referred to in the PTG Report as the starting base it must prior to making any choice consult with Xxxxxx QNT and make the choice in accordance with the reasonable request of Xxxxxx QNT; or (ii) in respect of the Xxxxxx Sale Interest, the Xxxxxx Entities are provided with a choice under the PRRT Act, as amended to implement the recommendation of the PTG Report, on the method of determining what is referred to in the PTG Report as the starting base they must prior to making any choice consult with Magellan and make the choice in accordance with the reasonable request of Magellan; and (c) for each Seller Party to provide each Buyer Party with access to any and all information in relation to the Sale Interests which the Buyer Party reasonably considers necessary for determining its position under the PRRT Act, or any amendment to the PRRT Act to implement the recommendations of the PTG Report having similar affect, in respect of the sale of the Sale Interests.
Sample 1

Related to Petroleum Resource Rent Tax

  • Transportation Charges The cost of transporting Employees and Material necessary for the Mining Operations.

  • Rent Tax If applicable in the jurisdiction where the Leased Premises are situated, Lessee shall pay and be liable for all rental, sales and use taxes or other similar taxes, if any, levied or imposed by any city, state, county or other governmental body having authority, such payments to be in addition to all other payments required to be paid to Lessor by Lessee under the terms of this Lease. Any such payment must be paid concurrently with the payment of the rent, additional rent, operating expenses or other charge upon which the tax is based as set forth above.

  • Goods and Services Tax You shall be responsible for all goods and services tax and all other taxes imposed on or payable in respect of any amount required to be paid under this Agreement. We may debit the amount of such tax to your Card Account.

  • Electric Storage Resources Developer interconnecting an electric storage resource shall establish an operating range in Appendix C of its LGIA that specifies a minimum state of charge and a maximum state of charge between which the electric storage resource will be required to provide primary frequency response consistent with the conditions set forth in Articles 9.5.5, 9.5.5.1, 9.5.5.2, and 9.5.5.3 of this Agreement. Appendix C shall specify whether the operating range is static or dynamic, and shall consider (1) the expected magnitude of frequency deviations in the interconnection; (2) the expected duration that system frequency will remain outside of the deadband parameter in the interconnection; (3) the expected incidence of frequency deviations outside of the deadband parameter in the interconnection; (4) the physical capabilities of the electric storage resource; (5) operational limitations of the electric storage resources due to manufacturer specification; and (6) any other relevant factors agreed to by the NYISO, Connecting Transmission Owner, and Developer. If the operating range is dynamic, then Appendix C must establish how frequently the operating range will be reevaluated and the factors that may be considered during its reevaluation. Developer’s electric storage resource is required to provide timely and sustained primary frequency response consistent with Article 9.5.5.2 of this Agreement when it is online and dispatched to inject electricity to the New York State Transmission System and/or receive electricity from the New York State Transmission System. This excludes circumstances when the electric storage resource is not dispatched to inject electricity to the New York State Transmission System and/or dispatched to receive electricity from the New York State Transmission System. If Developer’s electric storage resource is charging at the time of a frequency deviation outside of its deadband parameter, it is to increase (for over-frequency deviations) or decrease (for under-frequency deviations) the rate at which it is charging in accordance with its droop parameter. Developer’s electric storage resource is not required to change from charging to discharging, or vice versa, unless the response necessitated by the droop and deadband settings requires it to do so and it is technically capable of making such a transition.

  • Sales Tax Each Participating Entity is responsible for supplying the Supplier with valid tax- exemption certification(s). When ordering, a Participating Entity must indicate if it is a tax- exempt entity.

  • Goods and Services Tax (GST (a) For the purposes of clause 9:

  • Sales Taxes Contractor shall be responsible for the administration and timely payment, with reimbursement therefor as provided in this Agreement, of all (a) sales and use taxes imposed by Applicable Legal Requirements upon Contractor that are properly payable (“Sales Taxes”) in connection with or arising from the Work, (b) Sales Taxes on items incorporated into the Work or imposed by Applicable Legal Requirements upon Owner and for which Contractor has the responsibility to collect such Tax from Owner and (c) value added, excise taxes and import duties that are properly payable by Contractor or any Subcontractor in performance of the Work. All other Taxes (except to the extent similar to those set forth in Section 2.2.9.2) imposed by non-U.S. Governmental Authorities, duties and fees of any kind, in each case that are properly payable in connection with or arising from the performance of the Work will be reimbursed by Owner to Contractor. Owner shall reimburse Contractor for Sales Taxes in connection with or related to the Work that are incorporated into the Work or that are imposed by Applicable Legal Requirements upon Owner and are paid by Contractor. Such reimbursement shall be made only upon the furnishing of reasonable documentation establishing that such Taxes have in fact been paid to the appropriate taxing jurisdiction. Reimbursement for the Sales Taxes as provided in Section 3.4.2 shall be part of the Reimbursable Component, and Owner does not assume any further liability in connection with such Taxes. Reimbursement for Sales Taxes on items incorporated into the Work shall be a contractual commitment to Contractor and Owner shall not have any direct liability to any taxing jurisdiction for Contractor’s failure to properly pay such Taxes. Contractor agrees to indemnify and hold Owner harmless for any Taxes, interest, penalties or other costs that arise from the failure of Contractor to remit or timely remit Sales Taxes as required by Applicable Legal Requirements and this Agreement or arising from the failure of Contractor to allow Sales Tax audits or to comply with any other requirements of the state and local taxing authorities in connection with the Work. In circumstances where a Sales Tax is imposed for purchases that are not exempt from Sales Tax pursuant to exemption programs identified by Owner to Contractor or for which an exemption is not applicable, Contractor shall be reimbursed in accordance with Section 3.4 for its payment of all such Sales Taxes; provided, however, that if Sales Taxes (for which an exemption would have otherwise applied) are paid on a purchase identified by Owner as tax benefit-qualified because of Contractor’s failure to furnish or cause to be furnished properly completed Sales Tax certificates as provided in Appendix L or any other failure by Contractor to perform its obligations hereunder, then Contractor shall reimburse Owner, at Contractor’s expense, for the reasonable costs incurred by Owner in seeking a refund of such Sales Taxes from appropriate authorities. With respect to all purchases identified by Owner as tax benefit-qualified, Contractor shall furnish to the appropriate taxing authorities all required information and reports in connection with all Contractor Taxes and Sales Taxes. Contractor shall furnish to Owner all required information and reports in connection with all Sales Taxes as are as described in Appendix L or otherwise reasonably requested in a Notice from Owner to Contractor. Contractor shall provide assistance as reasonably requested by Owner or its tax consultant(s), in confirming eligibility and qualification for exemptions from Sales Taxes (and any other tax exemptions) to the relevant Governmental Authorities. From time to time and within 30 days of a request therefor, Contractor shall provide Owner with information regarding quantities, descriptions, and costs of property installed at the Project reasonably requested by Owner in connection with the preparation of Owner’s tax returns, satisfying regulatory requirements or as otherwise required in connection with Financing or with obtaining exemption from, or rebate of, Sales Tax. Contractor agrees to participate in any Sales Tax exemptions or rebate programs identified by Owner, to complete and deliver the applicable documentation to obtain tax-exemption for purchases of Equipment and Materials, and to pass any Sales Tax savings or rebates through to Owner. Owner hereby notifies Contractor that all Equipment and certain Materials and Consumables will be installed or used within an “enterprise zone” and therefore may be subject to Sales Tax rebates under the Louisiana Quality Jobs Act Program or the Louisiana Enterprise Zone Program upon Contractor’s proper completion and presentation of the Sales Tax certificates set forth in Appendix L for purchases identified by Owner, subject to certain other terms and conditions of Sales Tax exemption and rebate programs.

  • Utility Services Company agrees to pay the full cost and expense associated with its use of all utilities, including but not limited to water, sanitary sewer, electric, storm drainage, and telecommunication services.

  • TRANSPORT SERVICES Upon the conclusion of such multilateral negotiations, the Parties shall conduct a review for the purpose of discussing appropriate amendments to this Agreement so as to incorporate the results of such multilateral negotiations.

  • PROJECT FINANCIAL RESOURCES i) Local In-kind Contributions $0 ii) Local Public Revenues $200,000 iii) Local Private Revenues iv) Other Public Revenues: $0 - ODOT/FHWA $0 - OEPA $0 - OWDA $0 - CDBG $0 - Other $0 v) OPWC Funds: - Loan Assistance $0

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