Taxation Issues. 7.1 Each of the parties is aware that the commercial arrangements of this Agreement may be subject to transfer pricing reviews by the relevant taxation authorities in the Territory and Australia. As a result, this Agreement may be subject to internal reviews by either or both parties and to audits by the relevant taxation authorities. If as a result of such reviews or audits, it becomes necessary or advisable for either party (the "Affected Party")to change any commercial arrangements of this Agreement, including, without limitation, making retroactive adjustments, the other party, within thirty (30) days after written notification by the Affected Party, which notification shall explain in reasonable detail the reason for the proposed change, shall meet with the Affected Party and each of the parties agrees to negotiate in good faith, and to use its best efforts to reach agreement with respect to, any modifications to the commercial terms of this Agreement. In the event that the parties, despite their best efforts, cannot reach agreement with respect to any material change, which in the opinion of either party is necessary or advisable for the reasons set forth in this Section 7.1, either party, upon written notice to the other party, may terminate this Agreement.
7.2 Each of the parties agrees to provide reasonable assistance, at the other party's reasonable cost, if such other party is subject to a taxation audit that reviews any commercial arrangements of this Agreement.
Taxation Issues. The employer will meet the costs of any Fringe Benefits Tax (FBT) that is applicable in respect of any allowances described in this clause. Where employees elect to take the meal allowances in lieu of having meals provided, the recommended maximum time worked away without return to home is three (3) weeks. Any period longer than three (3) weeks away without returning home may attract the applicable FBT payments in accordance with ATO guidelines for travelling allowances on which meal allowances are based. In addition the employees may have these working away from home allowances identified in their Group Certificate in terms of Reportable Fringe Benefits measures.
Taxation Issues. The Company makes no representations or warranties to Employee regarding the tax treatment to Employee of the payments provided under this Agreement. Employee is solely responsible for all federal, state, and local income and any other taxes that may be due on account of these payments. The Company will apply payroll withholdings to certain payments that the Company reasonably believes are required by law or elected or authorized by Employee for state and federal income taxes, Social Security, Medicare, and other applicable payroll deductions, in accordance with the Company’s normal payroll practices. As to the payments to which the Company believes such withholding does not apply, the Company will issue and file the appropriate IRS 1099 forms. Severance pay is not eligible compensation under the Company’s 401k plan.
Taxation Issues. As per the current Income Tax Act, 1961 (“ITA”), Long-term capital9 gains arising on transfer of listed equity shares on a recognized stock exchange in India will be exempt from capital gains tax in India pro vided securities transaction tax of 0.125% is paid on the consideration 10. Such sale, if executed off the floor of the stock exchange, would, however, be subject to a long term capital gains tax of 11.33%11 as per the ITA and the transfer of shares from the Promoters to Daiichi, off the stock exchange, would have a capital gains tax implication of Rs.10,000 million (approx.) (~ USD 227 million12). Hence a way to do a capital gains tax free transfer could be to execute the transfer on the stock exchange, through a block deal window. Introduced in the year 200513, block deal window facilitates negotiated deals on the floor of the stock exchange. However, such negotiated deals should be done at a price not exceeding +1% from the ruling market price / previous day closing price, as applicable. 14 With the slump in the financial markets, the prices of Ranbaxy dropped to around Rs.265 (approx.), which was far less than the negotiated price of Rs.737. Accordingly, the Promoters sought Security and Exchange Board of India’s (“SEBI ”) approval to waive the +1% ceiling for this block deal. However, since there was a huge difference between the deal price and the then existing market price, such permission was not granted by SEBI and an off market deal was executed after paying the capital gains tax .
Taxation Issues. The Company makes no representations or warranties to Employee regarding the tax treatment to Employee of the payments provided under this Agreement. As to payments made pursuant to this Agreement, the Company will apply payroll withholdings that the Company reasonably believes are required by law or elected or authorized by Employee for state and federal income taxes, Social Security, Medicare, and other applicable payroll deductions, in accordance with the Company’s normal payroll practices. However, Employee is ultimately responsible for all federal, state, and local income and any other taxes that may be due on account of these payments.
Taxation Issues. The Company makes no representations or warranties to Xxxxxx regarding the tax treatment to Xxxxxx of the payments provided under this Agreement. Xxxxxx is solely responsible for all federal, state, and local income and any other taxes that may be due on account of these payments.
Taxation Issues. The County of Madera will not be responsible for determining the taxability or consequences of donations or credits. Withholding will be made based upon the best information available to the County Auditor-Controller.
Taxation Issues. The withholding tax imposed on royalties is 15 per cent.2 The licensee, as the payer of royalties, has the duty to withhold 15 per cent income tax and remit 1 Copyright Act, s 55. 2 Revenue Code, Income Tax Schedule, ch III. tax to the Revenue Department no later than the seventh day of the month following the month of payment.1 The 15 per cent withholding tax may be reduced to 10 per cent under some double-taxation treaties that Thailand has with various countries. The 15 per cent withholding tax paid to the Thai Reve- nue Department may be used as a credit against the licensor’s income tax payable on such royalties in the resident country (credit method). Under some double-taxation treaties, the exemption method is applied instead of the credit method. Under the exemption method, royalties subjected to tax in Thailand are exempt from income tax in the resident country. There is no requirement to inform the Revenue Department of the payment of royalties. The licensee will file a withholding tax return and remit the tax to the Revenue Department no later than the seventh day of the month following the month of payment. However, the withholding tax certificate issued by the Thai Revenue Department may be required as evidence for a tax credit in the resident country. In this regard, the licensor generally appoints the licensee as its appointee on an application for a withholding certificate. Documents required for submission to the Thai Revenue Department for the application include a patent licence agreement, a copy of the withholding tax return, the receipts issued by the Revenue Department, and a power of attorney. There is value-added tax imposed on payment of royalties to foreign licensors.2 The licensee, as a payer of royalties, is required to self-assess and remit seven per cent value-added tax to the Thai Revenue Department no later than the six- teenth day of the month following the month of payment.3 The value-added tax paid to the Thai Revenue Department can subsequently be used by the licensee as a credit against its value-added tax payable, or claimed as a refund. Therefore, the tax cost for the licensee is only the time value of money.
