WebSupplementary Green Book Guidance – Taxation and PFI vs PSC HM Treasury 4/12 remain with the public sector under a PFI option (and therefore not be subject to corporation tax) … WebJan 22, 2024 · First, there is confusion around service tax on royalty and profit share. Globally, royalty in a production sharing contract (PSC) is merely a nomenclature for …
Navigating through Production Sharing, Concession, and Service ...
WebJun 28, 2024 · A PSC in relation to a company 1 is an individual who:. holds, directly or indirectly, more than 25% of a company's shares (Condition 1) holds, directly or indirectly, … WebJun 20, 2024 · Taxpayers would be required to do income tax withholding at source if they: (i) elect to be subject to the 10.5% rate or the automatically triggered 15% income tax rate; and (ii) make royalty payments to corporations, partnerships or nonresident persons that are not engaged in a trade or business in Puerto Rico for the use, or right to use ... mock city studio
Comparing fiscal systems for Guyana’s hydrocarbons sector
WebJul 21, 2024 · Professional corporations pay taxes as corporations, which means the corporation pays tax at the corporate rate of 21%. Owners are shareholders who pay tax on the dividends they receive. If a PSC meets all of the IRS qualifications, it can be classified as such for tax purposes. 6. Personal service corporations also pay corporate taxes at the ... Web3. Payment of tax is made in stages by the intermediaries in the production and distribution process. Although the tax would be paid throughout the production and distribution chain, … WebJan 21, 2024 · Fiscal regimes: Three major types of oil and gas agreements. 1. Concession System. A concession or a concession agreement is a type of contract between a state or … inline conditional rendering react