OWW » Topics » 18. Taxes .

This excerpt taken from the OWW 8-K filed Feb 27, 2008.

18.          Taxes.

 

a)             All sums payable under this Agreement are exclusive of Transaction Taxes or other applicable taxes or duties, except the Contract Rate, Net Rate and Wholesale Rate to the extent stated in the applicable contract between Supplier and its travel suppliers. Transaction Tax, if due, shall be charged in addition to any payments due under this Agreement, and shall be payable by the paying party on receipt of a valid invoice from the other party.

 

b)            If any amount of Transaction Tax is assessed and levied by any relevant authority responsible for Transaction Tax (the “tax authority”) in the country in which the services are received under a self-accounting mechanism, then Client shall account for this Transaction Tax on their Transaction Tax return in accordance with the Transaction Tax legislation in such country, except for the Contract Rate, Net Rate and Wholesale Rate where Supplier will be responsible for the payment of any VAT which the Client has to self-account for but is unable to recover the self-accounted VAT. Any claim by the tax authority for penalties or interest arising out of the late payment of any self-accounted Transaction Tax shall be for the account of Client.

 

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c)             If any party hereto is required by law to make any tax deduction or withholding in relation to any payment pursuant to this Agreement, it shall do all things in its power which may be necessary to enable or assist the party to whom the payment is due to claim exemption from the deduction or withholding or (if that is not possible) a credit for it under any applicable double taxation or similar agreement from time to time in force, and shall from time to time give the party to whom the payment is due proper evidence as to the deduction or withholding and payment over of the tax deducted or withheld.

 

d)            The Contract Rates shall be reviewed by GTA at the end of each calendar year after payment of VAT to the tax authorities, and GTA will issue an invoice to Client for any aggregate shortfall between the Contract Rates after payment of VAT and the percentages set forth in the officer’s certificate referred to in Exhibit C hereto.

 

This excerpt taken from the OWW 8-K filed Jul 27, 2007.

18.          Taxes.

a)             All sums payable under this Agreement are exclusive of Transaction Taxes or other applicable taxes or duties, except the Contract Rate, Net Rate and Wholesale Rate to the extent stated in the applicable contract between Supplier and its travel suppliers. Transaction Tax, if due, shall be charged in addition to any payments due under this Agreement, and shall be payable by the paying party on receipt of a valid invoice from the other party.

b)            If any amount of Transaction Tax is assessed and levied by any relevant authority responsible for Transaction Tax (the “tax authority”) in the country in which the services are received under a self-accounting mechanism, then Client shall account for this Transaction Tax on their Transaction Tax return in accordance with the Transaction Tax legislation in such country, except for the Contract Rate, Net Rate and Wholesale Rate where Supplier will be responsible for the payment of any VAT which the Client has to self-account for but is unable to recover the self-accounted VAT. Any claim by the tax authority for penalties or interest arising out of the late payment of any self-accounted Transaction Tax shall be for the account of Client.

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c)             If any party hereto is required by law to make any tax deduction or withholding in relation to any payment pursuant to this Agreement, it shall do all things in its power which may be necessary to enable or assist the party to whom the payment is due to claim exemption from the deduction or withholding or (if that is not possible) a credit for it under any applicable double taxation or similar agreement from time to time in force, and shall from time to time give the party to whom the payment is due proper evidence as to the deduction or withholding and payment over of the tax deducted or withheld.

d)            The Contract Rates shall be reviewed by GTA at the end of each calendar year after payment of VAT to the tax authorities, and GTA will issue an invoice to Client for any aggregate shortfall between the Contract Rates after payment of VAT and the percentages set forth in the officer’s certificate referred to in Exhibit C hereto.

EXCERPTS ON THIS PAGE:

8-K
Feb 27, 2008
8-K
Jul 27, 2007

RELATED TOPICS for OWW:

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