PRINCIPLE OF TAX TREATMENT OF A FINANCIAL YEAR DEFICIT. In case of any deficit during a Calendar Year, such deficit will be regarded as relating to the following Calendar Year and deducted from the profit made during said Calendar Year; if such profit is not sufficient for the deduction to be made in full, the excess (certified by the Ministry) of the deficit will be successively carried over to the profits of the following Calendar Year.
Appears in 4 contracts
Samples: Production Sharing Contract, Production Sharing Contract, Production Sharing Contract
PRINCIPLE OF TAX TREATMENT OF A FINANCIAL YEAR DEFICIT. In case of any deficit during a Calendar Year, such deficit will be regarded as relating to the following Calendar Year and deducted from the profit made during said Calendar Year; if such profit is not sufficient for the deduction to be made in full, the excess (certified by the Ministry) of the deficit will be successively carried over to the profits of the following Calendar YearYear in accordance with the Tax Laws.
Appears in 3 contracts
Samples: Production Sharing Contract (Kosmos Energy Ltd.), Production Sharing Contract (Kosmos Energy Ltd.), Production Sharing Contract (Kosmos Energy Ltd.)
