Tax Policy. The Company shall make any and all tax accounting and reporting elections and adopt such procedures as shall be approved by Member Consent. A Member shall be deemed to have consented to any tax elections made by the Tax Matters Partner if such Member shall not have objected in writing to such election as reflected in the initial tax return reflecting such election within fifteen (15) days after such return is received by such Member, indicating in reasonable detail the objection of such Member and the basis for such objection. Any disputes over tax elections shall be resolved by Member Consent.
Tax Policy. The Company shall make any and all tax accounting and reporting elections and adopt such procedures as both Members, in their reasonable judgment, may determine.
Tax Policy. The General Partner shall make any and all tax accounting and reporting elections and adopt such procedures as are necessary relating to income, gain, expense, loss, deduction and credit in order to minimize taxable income and gain and maximize taxable loss, deductions and credits allocable to the Partners. For all property with respect to which deductions for depreciation may be claimed, the Partnership shall, except as otherwise decided upon by the Partners, utilize the depreciation or amortization method that will provide the depreciation to the Partnership at the earliest possible time.
Tax Policy. The Partnership shall make any and all tax accounting and reporting elections and adopt such procedures as Prudential may determine.
Tax Policy. The Shareholders agree to cause the Company to conduct its Business and operations in a manner that minimizes liability for Taxes within the requirements of any Laws to which the Company is subject and in compliance with Section 14 (Financial Reporting and Taxes). Without limitation of the foregoing, the Shareholders agree to support the Company to develop limitations on the authority of the Marketer for inclusion in the Marketer’s Marketing Plan and on the authority of any other Affiliate of the Shareholders providing goods or services to the Company for inclusion in its written agreement with the Company to the extent necessary to ensure that its activities would not result in the Company being required to file any tax returns or being treated as having a permanent establishment for tax purposes in any jurisdiction other than The Kingdom.
Tax Policy. The Parties agree that a Tax Policy Review Committee, consisting of representatives from Canada and each participating province, will review issues related to the legislation governing the harmonized sales taxes, including the common tax base, tax rates and common tax structure, and will provide timely advice, as appropriate, to the relevant federal and provincial Ministers of Finance.
Tax Policy. The housing allowance and schooling costs, to which you are entitled pursuant to Sections 3 and 5, above, are intended to be tax free to you. In the event any compensation by or benefit from the Company to you or for your benefit, provided pursuant to Sections 3 or 5 of this Agreement, becomes subject to U.S. federal, state or local tax, you will be paid a lump-sum payment (a “Gross-Up Payment”) in an amount determined by the Company’s outside auditors such that after payment by you of all taxes (including any interest or penalties imposed with respect to such taxes), imposed upon the Gross-Up Payment, you retain an amount of the Gross-Up Payment equal to the amount of the U.S. federal, state or local taxes to which you have become subject as a result of the benefits you are receiving under Sections 3 and 5 of this letter agreement.
Tax Policy. In the face of the quickly developing Coronavirus situation, the Authorities were unable to finalise the on-going nationwide property tax valuation exercise (a mid-2020 specific commitment) in time for the current year’s tax assessment cycle. The original commitment had been to revalue property tax values in line with market prices and broaden the base of the property tax by end-March 2020. Unfortunately it was impossible to finalise the revaluation exercise in the face of the social distancing measures introduced against the Coronavirus. This will postpone the implementation of the wider property tax reform to 2021 and have a small approximately €150 million fiscal effect on 2020 revenues. The authorities have committed to reschedule the exercise to autumn with the objective of aligning the property tax values to market prices by January 2021.
Tax Policy. Important progress has been made towards the broadening of the tax base for the 2020 ENFIA Property tax exercise, widening the inclusion of the national population covered by the zonal system from 85% to 98%. The existing 10 200 objective property tax value zones have been digitised and an additional 3 600 new property tax zones have been defined covering the remainder of the urban planned areas. A new nationwide revaluation exercise using certified valuers is planned to be completed by March 2020. The new objective tax values including those for the new zones are planned to be finalised by May and are expected to align the objective tax values to market prices, which is a mid-2020 specific commitment. In parallel, a detailed tax policy assessment will be made of the impact of the new valuations on property tax revenues. The 2020 budget implies an almost fiscally-neutral property tax exercise based on the new values, with a small increase of €140 million in ENFIA revenues compared to 2019. The base widening might give scope to restructure property tax rates and thresholds. The property tax reforms will benefit from technical support by the European Commission. The key objectives are to expand the objective value zone system to the rest of the country, digitally link the property value system to the cadastre, and improve valuation methods particularly of commercial properties. The Authorities adopted a Tax Law in December 2019, including the agreed 2020 budget tax measures and a number of other welcome tax reforms. Key non-budget tax reform measures included stronger regulations on digital short-term rental platforms, the abolition of withholding tax on corporate bonds to open up the domestic bond market, and some tax concessions to encourage the development of share option schemes, employer funding of annual passes for public transport, and the take-up of electronic vehicles. Concerning the 3-year time-limited value-added tax exemption for construction, the authorities adopted the secondary legislation by the end of January 2020 for the applicable procedure and the required documentation that must be submitted by the applicants. Overall, some 60 pieces of secondary legislation are required for the implementation of the Tax Law and these will be provided by April 2020.
Tax Policy. Conference Notes
