TAXATION AND ROYALTY.
(a) The Contractor shall be subject to Tanzanian taxes on income derived from Petroleum Operations hereunder. The Contractor will be responsible for submitting returns to the Tanzania Revenue Authority.
(b) In addition to taxes paid in accordance with sub-article (a) above the Contractor or its shareholders in respect of income derived from Petroleum Operations hereunder or in respect of any property held or thing done for any purpose authorised or contemplated hereunder shall be further taxed as follows:
(i) subject to the provision of Article 22, import duties at the rates specified from time to time in the Customs Tariff Act;
(ii) taxes, duties, fees or other imposts for specific services rendered on request or to the public or commercial enterprises generally and rent due to the Government in respect of any land rights granted or assigned to the Contractor;
(iii) local Government rates or taxes not in excess of those generally applicable in Tanzania;
(iv) stamp duties, registration fees, licence fees and any other tax, duty, fee or other impost of a minor nature.
(c) TPDC shall discharge its obligation to pay royalty under Section 81 of the Act in respect of petroleum obtained from the Contract Area by delivery to the Government of the minimum share of Profit Oil received by TPDC pursuant to Article 11 of this Agreement (and being equivalent at all times to 12.5% in the case of onshore and continental shelf and 5% in the case of deep water of total Crude Oil production from the Contract Area) at such location as the Minister may direct, and the Government may require TPDC to dispose of such royalty otherwise to be delivered to the Government in such manner as the Minister may direct.
TAXATION AND ROYALTY. 15.1 The Contractor shall, in respect of its Petroleum Operations, be subject to income tax which shall be assessed and payable in accordance with the provisions of the Revenue Code, as amended, subject to Article 28.1 and Article
TAXATION AND ROYALTY.
37.1. Except as provided in this Article, the Contractor, Affiliated Companies, Sub-Contractors and individuals who are expatriates shall be subject to the income tax laws of Guyana, including, the Income Tax Act (Cap. 81:01), the Value Added Tax Act (Cap 81:05) and the Corporation Tax Act (Cap. 81:03) as modified or qualified by order issued under Section 55(1) of the Act, and shall separately comply with the requirements of those laws, in particular with respect to filing returns, assessment of tax, and keeping and showing of books and records.
37.2. The Contractor shall pay, at the Government's election either in cash based on the value of the relevant Petroleum as calculated pursuant to Article 36 or in-kind, a royalty of ten percent (10%) of all Petroleum produced and sold, less the quantities of Petroleum used for fuel or transportation in Petroleum Operations, from all production licenses subject to this Agreement. The Minister shall make its election in writing with effect ninety (90) days following such election and that election shall remain in effect for the latter of one
(1) year or ninety (90) days from the date the Minister notifies in writing that it elects the alternative treatment. Cash payment shall be due monthly, thirty (30) days following the end of each month. Within one hundred and eighty (180) days following the end of each Year, assessment receipts evidencing payment of the Contractor's royalty shall be furnished by the Minister to the Contractor stating the amount and other particulars customary for such receipts.
37.3. The Minister xxxxxx agrees that the Contractor shall be exempted from the Property Tax Act (Cap 81:21) and the Capital Gains Tax Act (Cap 81:20) pursuant to Section 55(2) of the Act and any other act which amends or replaces in part or in whole the Property Tax Act.
37.4. The Expatriate employee of the Contractor, Affiliate companies and the Subcontractor shall be liable to pay personal income tax in Guyana on income earned in Guyana. Guyana (represented herein by the Minister) shall cause the proper authorities to issue appropriate tax certificates to expatriate employees when required.
37.5. Notwithstanding any provision to the contrary in this Article, assignments of any kind between the Contractor and Affiliated Companies, as well as any assignment of any kind made in accordance with this Agreement (including one to an unrelated party) shall be exempt from any duty & taxes, including Capital Gains Tax in each...
TAXATION AND ROYALTY. 15.1 Except as provided in Article 15.2 and 15.8 and except as otherwise set forth in this Article 15.1, no tax, duty, fee, charge or other impost shall be levied at the date hereof or from time to time thereafter on the Contractor in respect of income derived from petroleum operations or in respect of any property held or thing done for any purpose authorised or contemplated hereunder other than -
a) subject to the provisions of Article 21, import duties at the rates specified from time to time in the Customs Act (Cap. 82:01);
b) taxes, duties, fees or other imposts for specific services rendered on request or to the public or commercial enterprises generally;
c) rents due to Government in respect of any land rights granted or assigned to the Contractor;
d) annual licence rental charges due under Article 10;
e) subject to Article 15.7, local government rates or taxes (being rates or taxes not calculated by reference to income) not in excess of those generally applicable in Guyana; and
TAXATION AND ROYALTY. 38.1. Subject to Article 50, and except as provided in Article 38.2, 38.8, and except as otherwise set forth in this Article 38.1, no value-added tax, excise tax, duty, fee, charge or other impost shall be levied at the date hereof or from time to time thereafter on the Contractor or Affiliated Companies in respect of income derived from Petroleum Operations or in respect of any property held, transactions undertaken or activities performed for any purpose authorised or contemplated hereunder other than:
TAXATION AND ROYALTY. 12.1 Each Party Responsible for Own Taxes 38 12.2 Development Licence and Production of Additional Gas 38 12.3 Income Taxes 38 12.4 Royalty 39 12.5 Withholding Tax Exemption for Dividends 39 13.1 Basis and Calculation of Tax 40 13.2 Sample Calculation of Additional Profits Tax in Annex E 42 13.3 Records and Books of Account 42 13.4 Payment of Additional Profits Tax 42 14.1 Reports 43 14.2 Data 43 14.3 Confidentiality 44
TAXATION AND ROYALTY. 15.1 Subject to Article 32, and except as provided in Article 15.2, 15.8, and except as otherwise set forth in this Article 15.1, no tax, value-added tax, excise tax, duty, fee, charge or other impost shall be levied at the date hereof or from time to time thereafter on the Contractor or Affiliated Companies in respect of income derived from Petroleum Operations or in respect of any property held, transactions undertaken or activities performed for any purpose authorised or contemplated hereunder other than:
(a) subject to the provisions of Article 21, import duties at the rates specified from time to time in the Customs Act (Cap. 82:01);
(b) taxes, duties, fees or other imposts for income derived from specific services performed by the Contractor for the public or commercial enterprises and which is unrelated to income derived from Petroleum Operations under this Agreement;
(c) rent due to Government in respect of any land rights granted or assigned to the Contractor;
(d) annual licence rental charges due under Article 10;
(e) subject to Article 15.7, local government rates or taxes (being rates or taxes not calculated by reference to income) under laws of general application and which are non-discriminatory, are commercially reasonable, and do not result in a rate or tax to Contractor in excess of those generally applicable in Guyana;
(f) (i) stamp duties, (ii) registration fees, (iii) licence fees, and (iv) any other similar duty, fee or other impost of a minor nature, provided the above-referenced categories are imposed under laws of general application.
15.2 Except as provided in this Article 15, Contractor, Affiliated Companies, Sub-Contractors and individuals who are expatriates shall be subject to the income tax laws of Guyana, including, the Income Tax Act of Guyana (Cap. 81:01) and the Corporation Tax Act of Guyana (Cap. 81:03) and shall separately comply with the requirements of those laws, in particular with respect to filing returns, assessment of tax, and keeping and showing of books and records.
15.3 The taxable income of the Contractor arising in each year of assessment under this Agreement for purposes of the income tax laws of Guyana, (including the Income Tax Act and the Corporation Tax Act referred to in Article 15.2) shall include the amounts of Contractor's income tax and corporation tax paid pursuant to Article 15.4.
15.4 The Minister xxxxxx agrees:
(a) that a sum equivalent to the tax assessed pursuant to Article 15.2 and 15.3 will ...
TAXATION AND ROYALTY. (a) The Contractor shall be subject to taxes on income derived from Petroleum Operations hereunder, as provided for under the applicable Laws.
(b) In addition to taxes paid in accordance with paragraph (a) of this Article, the Contractor or its shareholders in respect of income derived from Petroleum Operations hereunder or in respect of any property held or thing done for any purpose authorized or contemplated hereunder shall be further taxed as follows:
(i) subject to the provisions of Article 23, import duties at the rates specified from time to time in the relevant laws;
(ii) taxes, duties, fees or other imposts for specific services rendered on request or to the public or commercial enterprises generally;
(iii) rent due to the Government in respect of any land rights granted or assigned to the Contractor;
(iv) local Government rates, levies or taxes generally applicable in Zanzibar; and
(v) stamp duties, registration fees, license fees and any other tax, duty, fee or other impost.
(c) Royalty shall be paid as provided in the Act.
TAXATION AND ROYALTY. (a) The Contractor shall be subject to Tanzanian taxes on income derived from Petroleum Operations hereunder, as provided for under the provisions of the Law.
(b) In addition to taxes paid in accordance with sub-article (a) above the Contractor or its shareholders in respect of income derived from Petroleum Operations hereunder or in respect of any property held or thing done for any purpose authorized or contemplated hereunder shall be further taxed as follows:
(i) subject to the provisions of Article 23, import duties at the rates specified from time to time in the First Schedule to the East African Customs Union Protocol;
(ii) taxes, duties, fees or other imposts for specific services rendered on request or to the public or commercial enterprises generally and rent due to the Government in respect of any land rights granted or assigned to the Contractor;
(iii) local Government rates or taxes not in excess of those generally applicable in the United Republic of Tanzania; and
(iv) stamp duties, registration fees, licence fees and any other tax, duty, fee or other impost of a minor nature.
(c) TPDC on behalf of itself and the Contractor shall discharge the obligation to pay Royalty under the Act in respect of petroleum obtained from the Contract Area, by delivering to the Government 12.5% for onshore/shelf areas and 7.5% for offshore of total Crude Oil/Natural Gas production (prior to Cost Oil and/or Cost Gas recovery) at such location as the Minister may direct and the Government may require TPDC to dispose of such royalty otherwise to be delivered to the Government in such manner as the Government may direct. For the purposes of this Article onshore areas include shelf up to water depths of 500 meters and offshore areas include water depths beyond 500 meters.
TAXATION AND ROYALTY. (a) Subject to sub-article (b) below [option (2)], to tax, duty, fee or other impost shall be imposed on the Company or its shareholders in respect of income derived from Petroleum Operations hereunder or in respect of any property held or thing done for any purpose authorised or contemplated hereunder other than:
(i) Additional Profits Tax at the rates and calculated in the manner herein provided;
(ii) Subject to the provision of Article 19, import duties at the rates specified from time to time in the Customs Tariff Act.
(iii) Taxes, duties, fees or other imposts for specific services rendered on request or to the public or commercial enterprises generally and rent due to the Government in respect of any land rights granted or assigned to the Company;
(iv) Local Government rates or taxes not in excess of those generally applicable in Tanzania;
(v) Stamp duties, registration fees, licence fees and any other tax, duty, fee or other impost of a minor nature.
(b) [option (1)] The Company shall not be subject to taxes on income derived from Petroleum Operations hereunder and Government shall pursuant to Section 15 of the Income Tax Xxx 0000 grant any exemption necessary to give effect to this accordingly. or [option (2)] In addition to the taxes, duties, fees and imposts listed in sub-article (a) above, the Company shall be subject to Tanzanian taxes on income derived from Petroleum Operations hereunder and T.P.D.C. shall pay such tax on behalf of the Company in accordance with the provisions of the Income Tax Xxx 0000 as amended from time to time. Provided, however, that where in any tax year the value of T.P.D.C.’s share of Profit Oil, net of the royalty payable pursuant to sub-article (d) below, is less than such income taxes to which the Company is subject in respect of that tax year pursuant to Section 15 of the Income Tax Act exempt the Company from payment of income taxes of such amount as represents the difference between the taxes payable by the Company and the value of the aforesaid T.P.D.C.’s share of Profit Oil net of the royalty payable in the aforesaid tax year. The Company will be responsible for submitting returns to the Income Tax Department and the Commissioner of Income Tax will issue the Company with a receipt evidencing payment of the income tax determined in accordance with this sub-article. Such receipt shall detail the tax year in respect of which the tax is paid, the amount of tax paid and the effective tax rate applied as a result of...
