Current Income Taxes definition

Current Income Taxes means an amount, which may not be less than zero (0) in any jurisdiction, equal to (A) the unpaid income Tax liabilities of Holdings or an Acquired Company, including any Taxes deferred pursuant to Section 965(h) of the Code (regardless of whether currently due), for any taxable period (or portion thereof) beginning on or after January 1, 2020 and ending on or before the Closing Date for which a Tax Return has not been filed, minus (B) the sum of (i) any estimated Tax payments for a taxable period for which a Tax Return has not been filed as of the Closing Date, and (ii) any overpayments of Tax shown on a Tax Return that has been filed as of the Closing Date, in either case (i) or (ii) available to be applied to reduce the particular income Tax liability with respect to which such payment or overpayment relates; provided that in the case of clauses (A) and (B), only in those jurisdictions in which Holdings or such Acquired Company, as applicable, has previously filed Tax Returns for income Taxes or in which Holdings or such Acquired Company commenced or materially increased activities on or after January 1, 2020 shall be taken into account. For purposes of this definition, (i) the amount of any income Tax liabilities for the portion any Straddle Period ending on the Closing Date shall be determined in the manner provided in Section 8.16(b), and (ii) any Transaction Tax Deductions will be taken into account only to the extent “more likely than not” deductible (or deductible at a higher confidence level) in the taxable period (or portion thereof) ending on the Closing Date in accordance with applicable Tax Law and by applying the seventy percent (70%) safe-harbor election under Revenue Procedure 2011-29 to any “success based fees”.
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Current Income Taxes means the accrued and unpaid current income Tax liabilities of the Company and the Company Subsidiaries, determined in accordance with the Accounting Principles as of the Adjustment Calculation Time, calculated taking into account the payment of Company Fees and Expenses and any applicable deductions or credits available by Law to offset such liabilities, and decreased, without duplication, by any prepayments of income Taxes or other current income Tax assets; provided, if no amounts are paid into the Tax Escrow Account at Closing and state and local Specified Tax Liabilities remain unpaid at Closing, the amount of such unpaid state and local Specified Tax Liabilities shall be included in Current Income Taxes. For the avoidance of doubt, the "Current Income Taxes" amount shall not be reduced below zero (0) by any deduction or credit attributable to (A) the payment of Company Fees and Expenses or (B) the satisfaction of Indebtedness for Borrowed Money of the Company on the Closing Date or in connection with the Closing as described in clause (b) of the definition of "Transaction Tax Deductions", but shall be reduced below zero (0) as a result of the prepayment of income Taxes to the extent such prepayments exceed the otherwise accrued current income Tax liabilities.
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Current Income Taxes means the accrued and unpaid current income Tax liabilities of the Company and the Company Subsidiaries, determined in accordance with the Accounting Principles as of the Adjustment Calculation Time, calculated taking into account the payment of Company Fees and Expenses and any applicable deductions or credits available by Law to offsetsuch liabilities, and decreased, without duplication, by any prepayments of income Taxes or other current income Tax assets; provided, if no amounts are paid into the Tax Escrow Account at Closing and state and local Specified Tax Liabilities remain unpaid at Closing, the amount of such unpaid state and local Specified Tax Liabilities shall be included in Current Income Taxes.For the avoidance of doubt, the "Current Income Taxes" amount shall not be reduced below zero (0) by any deduction or credit attributable to (A) the payment of Company Fees and Expenses or (B) the satisfaction of Indebtedness for Borrowed Money of the Company on the Closing Date or in connection with the Closing as described in clause (b) of the definition of "Transaction Tax Deductions", but shall be reduced below zero (0) as a result of the prepayment of income Taxes to the extent such prepayments exceed the otherwise accrued current income Tax liabilities.
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Examples of Current Income Taxes in a sentence

  • Current Income Taxes Tax currently payable is based on taxable profit for the year.

  • Current Income Taxes Certain of Inter Pipeline’s subsidiaries are taxable corporations in Canada and Europe.

  • Current Income Taxes Income tax on the profit or loss for the periods presented comprises current and deferred tax.

  • No item shall be included or otherwise provided for in more than one of Estimated Closing Cash, Estimated Closing Indebtedness, Estimated Unpaid Transaction Expense Amount, Estimated Current Income Taxes and Estimated Net Working Capital.

  • Current Income Taxes The Group is taxed on its non-promoted businesses pursuant to the Revenue Code of Thailand, the Petroleum Income Tax Act, B.E. 2514 (1971) and Amendment, B.E. 2532 (1989) and the Corporate Income Taxes regulations of the Southeast Asian countries in which the Group has invested.

  • AND PROLOGIS, L.P. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) Current Income Taxes As discussed in Note 4, contributions to our co-investment ventures were not significant during 2015, as such there was a limited impact on current income tax expense.

  • Current Income Taxes Income taxes are calculated and paid in conformity with the Law on Corporate Income Tax (“Official Gazette of the Republic of Montenegro”, No. 40/08, 86/09, 40/11, 14/12, 61/13, 55/16 and 146/21).Taxable profit is determined based upon the income stated in its statutory income statement following certain adjustments to its income and expenses performed in a manner defined by the tax regulations.

  • Current Income Taxes Current income taxes is the expected tax payable or receivable on the taxable income or loss for the year using enacted or substantively enacted income tax rates at the reporting date and any adjustment to tax payable or receivable of previous years.

  • Current Income Taxes are recognised under ‘Income Tax payable’ net of payments on account, or under ‘Tax receivables’ where there is a debit balance.

  • No item shall be included or otherwise provided for in more than one of Preliminary Closing Cash, Preliminary Closing Indebtedness, Preliminary Unpaid Transaction Expense Amount, Preliminary Current Income Taxes or Preliminary Net Working Capital.


More Definitions of Current Income Taxes

Current Income Taxes means the amount, which shall be no less than zero, of any accrued and unpaid Income Tax liabilities of the Company and the OEG Subsidiaries for a Tax period (or portion thereof) ending on or prior to the Closing Date, calculated (i) in a manner consistent with past practice and the Valuation Report, (ii) as of the end of the Closing Date assuming the Tax year of the Company and each Company Subsidiary ended on such date, (iii) taking into account any Tax refunds, estimated Tax payments, overpayments, or other Tax attributes (including, for the avoidance of doubt, any net operating losses), in each case, to the extent such refunds, payments, overpayments or other attributes actually reduce cash Taxes payable for such period.
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Current Income Taxes means the amount (not less than zero) of any accrued and unpaid Income Tax liabilities of the Company and the Company Subsidiaries for any Tax period or portion thereof ending on or prior to the Closing Date, calculated (a) in a manner consistent with the past practice of the Company or Company Subsidiary, (b) as of the end of the Closing Date assuming the tax year of the Company and each Company Subsidiary ended on such date (to the extent not otherwise required by applicable Law), (c) allocating Transaction Tax Deductions to the period ending on the Closing Date to the extent permitted by Law on a more likely than not basis, (d) taking into account any applicable estimated Income Tax payments made prior to Closing and any applicable Income Tax refunds or overpayments, and any net operating losses or other Tax attributes, in each case, to the extent such payments, refunds, attributes or other items arise in a Tax period or portion thereof ending on or prior to the Closing Date and reduce cash Taxes payable and (e) without regard to any action taken by U.S. Parent (or any of its Affiliates, including the Surviving Company) after the Closing on the Closing Date that is outside the ordinary course of business and not specifically contemplated by this Agreement. For the avoidance of doubt, any income or gain recognized by the Company or any Company Subsidiary as a result of the Restructuring shall be recognized in the Tax period or portion thereof ending on the Closing Date in determining Current Income Taxes.
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Current Income Taxes means the amount (not less than zero) of any accrued and unpaid Income Tax liabilities of the Company and the Company Subsidiaries for any Tax period or portion thereof ending on or prior to the Closing Date, calculated (a) in a manner consistent with the past practice of the Company or Company Subsidiary, (b) as of the end of the Closing Date assuming the tax year of the Company and each Company Subsidiary ended on such date (to the extent not otherwise required by applicable Law), (c) allocating Transaction Tax Deductions to the period ending on the Closing Date to the extent permitted by Law on a more likely than not basis, (d) taking into account any applicable estimated Income Tax payments made prior to Closing and any applicable Income Tax refunds or overpayments, and any net operating losses or other Tax attributes, in each case, to the extent such payments, refunds, attributes or other items arise in a Tax period or portion thereof ending on or prior to the Closing Date and reduce cash Taxes payable and (e) without regard to any action taken by U.S. Parent (or any of its Affiliates, including the Surviving Company) after the Closing on the Closing Date that is outside the
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Related to Current Income Taxes

  • Non-Income Tax Return means any Tax Return relating to Taxes other than Income Taxes.

  • Exempt income means all of the following:

  • Non-Income Taxes means any Taxes other than Income Taxes.

  • Non-Income Tax means any Tax other than an Income Tax.

  • Income Tax Act means the Income Tax Act (Canada), as amended from time to time;

  • Foreign Income Tax means any Tax imposed by any foreign country or any possession of the United States, or by any political subdivision of any foreign country or United States possession, which is an income tax as defined in Treasury Regulation Section 1.901-2, and any interest, penalties, additions to tax, or additional amounts in respect of the foregoing.

  • Investment Income means dividends, capital gains, or interest income generated from:

  • Income Taxes means any Tax which is based upon, measured by, or calculated with respect to (i) net income or profits (including, but not limited to, any capital gains, gross receipts, value added or minimum Tax) or (ii) multiple bases (including, but not limited to, corporate franchise, doing business or occupation Taxes) if one or more of the bases upon which such Tax may be based, by which it may be measured, or with respect to which it may be calculated is described in clause (i) of this sentence.

  • Income Tax Return means any Tax Return relating to Income Taxes.

  • Income Tax means any federal, state, local, or foreign income tax, including any interest, penalty, or addition thereto, whether disputed or not.

  • Income Tax Returns means all Tax Returns relating to Income Taxes.

  • Income Tax Expense means, with respect to the Borrowers, for any period, the aggregate, without duplication, of all Taxes on the income of such Person for such period, whether current or deferred, determined on a Modified Consolidated Basis.

  • covenant income means the gross income payable to a full-time student under a Deed of Covenant by his parent;

  • Median income means the median income by household size for the applicable housing region, as adopted annually by COAH or a successor entity approved by the Court.

  • Interest Income means interest earned on the Funding;

  • Unpaid estimated income tax means estimated income tax due but not paid by the date the tax is required to be paid under applicable law.

  • Connection Income Taxes means Other Connection Taxes that are imposed on or measured by net income (however denominated) or that are franchise Taxes or branch profits Taxes.

  • Incremental Income Taxes is defined in Section 6.9.

  • Consolidated Income Taxes means, with respect to any Person for any period, taxes imposed upon such Person or other payments required to be made by such Person by any governmental authority which taxes or other payments are calculated by reference to the income or profits of such Person or such Person and its Restricted Subsidiaries (to the extent such income or profits were included in computing Consolidated Net Income for such period), regardless of whether such taxes or payments are required to be remitted to any governmental authority.

  • Federal Income Tax means any Tax imposed by Subtitle A of the Code, and any interest, penalties, additions to tax, or additional amounts in respect of the foregoing.

  • State Income Tax means any Tax imposed by any State of the United States (or by any political subdivision of any such State) or the District of Columbia, or any city or municipality located therein, which is imposed on or measured by net income, including state and local franchise or similar Taxes measured by net income, and any interest, penalties, additions to tax, or additional amounts in respect of the foregoing.

  • Consolidated Income Tax Expense means, with respect to any Person for any period, the provision for federal, state, local and foreign income taxes of such Person and its Restricted Subsidiaries for such period as determined on a consolidated basis in accordance with GAAP.

  • Trust Income has the meaning set forth in the Trust Agreement.

  • Consolidated federal income tax return means a consolidated return filed for federal income tax purposes pursuant to section 1501 of the Internal Revenue Code.

  • Unpaid income tax means income tax due but not paid by the date the income tax is required to be paid under applicable law.

  • Pre-Incentive Fee Net Investment Income means interest income, dividend income and any other income (including any other fees, other than fees for providing managerial assistance, such as commitment, origination, structuring, diligence and consulting fees or other fees that the Company receives from portfolio companies) accrued during the calendar quarter, minus the Company’s operating expenses for the quarter (including the base management fee, expenses payable under the administration agreement and any interest expense and dividends paid on any issued and outstanding preferred stock, but excluding the incentive fee). Pre-Incentive Fee Net Investment Income includes, in the case of investments with a deferred interest feature (such as original issue discount debt instruments with payment-in-kind interest and zero coupon securities), accrued income that the Company has not yet received in cash. Pre-Incentive Fee Net Investment Income does not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation.