Tax Equalization Program. You are eligible for tax equalization with regard to compensation you receive from the Company or its affiliates during your Assignment, including income on the vesting of your equity while you are on Assignment based on the taxation requirements of the Host Country and the United States (the “Home Country”). Tax equalization is meant to keep your tax obligation approximately the same as if you had remained in the Home Country earning the same income as you are earning during your Assignment, including base salary, bonus amounts, and income related to your ownership of equity interest in the Company including Restricted Units, Deferred Units and Options (“Equity”). Your tax obligation will not include tax on income related to the Company’s payment of school tuition and bus transportation for your two children accompanying you to the United Kingdom for the 2014-2015 school year. Your tax equalization is calculated as follows: the Company calculates a “hypothetically” determined Home Country income tax on your total income based on the number of exemptions you have claimed on your actual tax return. Your tax equalization does not apply to any negative tax consequences that occur due to your refusal to repatriate at the Company’s request or at the conclusion of the Assignment and these remain solely your obligation. Tax equalization reconciliations will be prepared by a local tax preparer chosen by the Company, who will compare your actual tax liability in both countries to your hypothetical tax. This is done to ensure that your total amount of income tax paid approximates what you would have paid if you were working in your Home Country earning the same income (including base salary, bonus and income related to your ownership of equity interest in the Company that would be considered taxable income if you were located in your Home Country). In particular, with respect to any vesting of your Equity in the Company, if it is determined that such Equity vesting results in taxable income in the Host Country with a tax obligation that exceeds what your tax obligation would have been had you remained an employee in the Home Country, the Company will provide tax equalization on this income. If the sale of vested Equity in the Company is required in order to meet your tax obligations in the US, and the sale of additional shares of vested Equity would be required in order to cover an additional tax obligation resulting from this Assignment in the United Kingdom, the E...
Tax Equalization Program. The Secondees will be covered by the BCI tax equalization program. Thus, compensation of Secondees will be subject to hypothetical tax deductions as if the Secondee had received his/her compensation in Canada. Telinor will be responsible to administer the tax equalization program including deducting the hypothetical taxes, administering the sums withheld and remitting taxes to the Mexican and the Canadian tax authorities. BCI will assist Telinor in this respect by communicating the applicable hypothetical tax deductions, by coordinating the filing of the Canadian income tax returns and by preparing the annual tax reconciliations.
Tax Equalization Program. The Tax Equalization Policy has two primary objectives: • To minimize any tax advantages or disadvantages to an employee on an international assignment. • To keep an employee’s tax obligation approximately the same as if he/she had remained in the home country. The Company maintains a policy of tax equalization, i.e., the Company calculates a “hypothetical” home country income tax on your annual base salary and equity compensation based on the number of exemptions you have claimed on your actual tax return (the “Hypothetical Tax”). The Hypothetical Tax will be deducted from your salary throughout the year and becomes your tax obligation from the Company’s point of view. A hypothetical tax will also be withheld from any bonus payments. Hypothetical tax amounts will be adjusted annually. In turn, the Company then assumes financial responsibility for the tax obligation you incur in your home and host countries (with the exception of home country tax applicable to your non-Company sourced income). The Company’s tax equalization policy does not apply to any investment income, including rental income, or to any negative tax consequences that occur due to your refusal to repatriate at the Company’s request or at the conclusion of the Assignment and these remain solely your obligation. Annually, once your home and host country tax returns are filed, the tax equalization reconciliations are prepared by XXX Xxxxxxx, LLP, comparing your actual tax liability to your hypothetical tax. This is done to ensure that your total amount of income tax paid approximates what you would have paid if you were working in your home country. The tax equalization reconciliation will determine if the Company owes you a tax equalization payment for the tax year or if you owe the Company additional hypothetical tax. All foreign tax credits earned as a result of this Assignment belong to the Company. Any host country tax refunds must be forwarded to the Company. In exchange for the tax equalization benefit, you hereby authorize the Company to deduct the hypothetical tax and any owed amounts from the tax reconciliation from your compensation, including any bonus compensation or any other amounts due to you from the Company.
Tax Equalization Program. As part of your compensation and benefits while in England, the Company will provide a tax equalization program. This program will cover the difference between England's income taxes that are in excess of the United States Federal and any required State income taxes. The tax equalization payment will be made after completion and submission of all England's required national, and United States Federal and required State income tax returns for the preceding year. The accounting firm of Price Waterhouse Coopers or any independent certified public accounting firm so designated by the
