Taxation of the Company. (a) The Company shall maintain its existence as a company incorporated under the laws of Bangladesh operating exclusively as a power generation company, commencing on the Commercial Operation Date and continuing until the 20th (twentieth) anniversary of the Commercial Operation Date. The Company shall be exempted from taxation or withholding tax in Bangladesh (or withholding of tax by BPDB, or GOB) on its income from the sale of Net Energy Output under the Power Purchase Agreement (or on any payments received by the Company in lieu thereof) in accordance with the applicable Statutory Regulatory Order (SRO) in effect as on Bid Date.
(b) The Company and its Contractors, prior to the Commercial Operations Date, shall be allowed to import plant and equipment (other than office and household equipment) to be permanently incorporated into the Facility or required for the construction, Commissioning, testing, operation and maintenance of the Facility without payment of any Taxes, and the GOB shall grant the necessary exemptions to give effect to this Section 12.1(b) if and when necessary. The Company and the Contractors shall be exempt from the payment of any Taxes, including Custom Duties and VAT, on spare parts or repaired or refurbished parts imported during the period commencing on the date hereof and continuing until the twelfth (12th) anniversary of the Commercial Operations Date and incorporated from time to time into the Facility during the term of this Agreement; provided, that the imported spare parts or repaired or refurbished parts exempted from Taxes hereunder shall have a cost (which in the case of repaired or refurbished parts shall be expressly limited to the cost of material and parts used or added to the repaired or refurbished part or parts in connection with such repair or refurbishment) plus transportation cost, of not greater than 10% (ten percent) of the total equipment cost (cost plus transportation cost) for the construction of the Facility (excluding the cost plus transportation cost of spare parts). Any machinery and equipment imported for the construction, erection and testing of the Facility shall be exported within 6 (six) Months following the Commercial Operations Date or, absent such re-exportation, all applicable Customs Duties and VAT and other applicable Taxes, shall be paid by the Company. In the event that there is a claim of Customs Duties and VAT due on plant or equipment imported for incorporation into, or use in the constr...
Taxation of the Company. (a) The Company shall maintain its existence as a company incorporated under the laws of Bangladesh operating exclusively as a power generation company, commencing on the Commercial Operation Date and continuing until the 20th (twentieth) anniversary of the Commercial Operation Date. The Company shall be exempted from taxation or withholding tax in Bangladesh (or withholding of tax by BPDB, or GOB) on its income from the sale of Net Energy Output under the Power Purchase Agreement (or on any payments received by the Company in lieu thereof) in accordance with the applicable Statutory Regulatory Order (SRO) in effect as on …….2019
Taxation of the Company. (a) Where the Company maintains its existence as a company incorporated under the laws of Bangladesh operating exclusively as a power generation company as per Private Sector Power Generation Policy of Bangladesh, the Company shall, be entitled to get fiscal incentives provided in the SRO No.-211/law/income tax/2013 dated: 01.07.2013 and its subsequent amendments SRO No. 354-law/2013 dated: 18.11.2013 and SRO No.- 246/law/2016 dated: 26.07.2016 and subsequent amendment (if any)
(b) The Company and its Contractor(s), prior to the Commercial Operations Date, shall be entitled to get fiscal incentives such as exemption of Custom Duties and VAT etc. in accordance with S,R,O No. 73-Law/97/1700/Duty dated: 19 March, 1997 for importation of plant and equipment (other than office and household equipment) to be permanently incorporated into the Facility or required for the construction, Commissioning, testing, operation and maintenance of the Facility. The Company shall also be entitled to get fiscal incentives such as exemption of Custom Duties and VAT etc. in accordance with S,R,O No. 100- Law/2000/1832/Duty dated: 18 April, 2000, on importation of spare parts (the value of the spare parts shall not exceed ten percent (10%) of the total plant equipment cost imported for the construction of the Facility) imported during the period commencing on the date hereof and continuing until the twelfth (12th) anniversary of the Commercial Operations Date. The National Board of Revenue (NBR) can allow the delivary of any machinery and equipment imported for the construction, erection and testing of the Facility shall be exported within six (6) Months following the Commercial Operations Date on the condition of submission of an unconditional and continuous Bank Guarantee of a schedule bank for customs duties and taxes .Absent such re-exportation, all applicable Customs Duties and VAT and other applicable Taxes, shall be paid by the Company. In the event that there is a claim of Customs Duties and VAT due on plant or equipment imported for incorporation into, or use in the construction, operation, or maintenance of the Facility or on spare parts within the ten percent (10%) exempted amount referred to in Section 12.1(b), and the Company chooses, notwithstanding the provisions of Section 12.1(b), to pay such duties under protest, upon notice to the GOB by the Company, the GOB shall ensure that the dispute is resolved consistent with the terms of this Agreement and the Laws of B...
Taxation of the Company. Solely for tax purposes, the Company will be disregarded as an entity separate from the Member.
Taxation of the Company. During the Term the Company shall not be subject to taxation in Pakistan on its profits and gains derived from electric power generation under the Power Purchase Agreement, as provided under Clause (132) of Part I and Clause (11)(v) of Part IV, both of the Second Schedule to the Income Tax Ordinance 2001, as in effect on the date hereof or on payments in lieu thereof, including payments made by the GOP to the Company under and pursuant to Section 15.1; provided, that any change in Clause (132) or its application to the Company shall not give rise to a breach or default of the GOP hereunder so long as such change results in a change in the Tariff as provided in Section 14.4 and Schedule 1 to the Power Purchase Agreement.
Taxation of the Company. Each of the Company, Finance Subsidiary and AIMCO Holdings shall at all times be taxed as a partnership under the Code and not as an association taxable as a corporation.
Taxation of the Company. We are taxed as a life insurance company under the Tax Code. The separate account is not a separate entity from us. Therefore, it is not taxed separately as a “regulated investment company” but is taxed as part of the Company. We automatically apply investment income and capital gains attributable to the separate account to increase reserves under the contracts. Because of this, under existing federal tax law we believe that any such income and gains will not be taxed. Because we do not expect that we will incur any federal income tax liability attributable to the separate account we do not intend to make any provision for such taxes. However, changes in the tax laws and/or in their interpretation may result in our being taxed on income or gains attributable to the separate account. In this case we may impose a charge against a separate account (with respect to some or all of the contracts) to set aside provisions to pay such taxes. We may deduct this amount from the separate account, including from your contract value invested in the subaccounts. In calculating our corporate income tax liability, we may claim certain corporate income tax benefits associated with the investment company assets, including separate account assets, which are treated as Company assets under applicable income tax law. These benefits may reduce our overall corporate income tax liability. Under current law, such benefits include foreign tax credits and corporate dividends received deductions. We do not pass the tax benefits to the holders of the separate account because (i) the contract owners are not the owners of the assets generating these benefits under applicable income tax law and (ii) we do not currently include Company income taxes in the tax charges you pay under the contract. We reserve the right to change these tax practices. In order to protect against the possible misuse of our products in money laundering or terrorist financing, we have adopted an anti-money laundering program satisfying the requirements of the USA PATRIOT Act and other current anti-money laundering laws. Among other things, this program requires us, our agents and customers to comply with certain procedures and standards that will allow us to verify the identity of the sponsoring organization and that contributions and loan repayments are not derived from improper sources. Under our anti-money laundering program, we may require customers, and/or beneficiaries to provide sufficient evidence of identi...
Taxation of the Company. The Company shall at all times be taxed as a partnership under the Code and not as an association taxable as a corporation.
Taxation of the Company. During such time that the Sole Member is the only member of the Company, the Company shall be disregarded for Federal income tax purposes in accordance with Treasury Regulations Sections 301.7701-1 et seq. In furtherance thereof, unless the Manager deems it appropriate for the Company to obtain its own taxpayer identification number, the Company shall engage its business under the taxpayer identification number of the Sole Member.
Taxation of the Company. [Note -- Does this apply to imported coal projects?] During the Term, the Company shall not be subject to taxation in Pakistan on its profits and gains derived from electric power generation under the Power Purchase Agreement, as provided under Clause (132) of Part I and Clause (11)(v) of Part IV, both of the of Second Schedule to the Income Tax Ordinance 2001, as in effect on the date hereof or on payments in lieu thereof, including payments made by the GOP to the Company under and pursuant to Section 15.1;; provided, that any change in Clause (132) or its application to the Company shall not give rise to a breach or default of the GOP hereunder so long as such change results in a change in the Tariff as provided in Section 14.4 and Schedule 1 to the Power Purchase Agreement.
