- 54 - payments from EGPC's tax liability rather than from income and that EGPC should pay all tax differentials for all open years. Further, it was stated that EGPC would comply with the tax department's determination both prospectively and retroactively, and that by December 1992 it was expected that EGPC would have completed payment of the tax differential for the 1980-1981 tax year, and that payment for later years would follow a final assessment by the tax department. Also in November 1992, EGPC and Amoco Egypt, with the approval of the Minister of Petroleum, entered into an agreement whereby EGPC agreed to document for Amoco Egypt its compliance with the ETD's determination concerning foreign partner taxes for both prospective and retroactive purposes. EGPC's deficiencies for the tax years ending June 30, 1981, June 30, 1982, and June 30, 1983, have been paid. Payments were made by check and posted to EGPC's tax file (No. 440/6). In its Egyptian tax return for the taxable year ended June 30, 1993, EGPC deducted foreign partner taxes in computing taxable income and did not claim a credit for such amount. 1993 and 1994 Production Sharing Agreements In 1993, Amoco Egypt, EGPC and the Egyptian Government finalized a new production sharing agreement for the East Shukheir Marine area. Under this 1993 agreement, EGPC assumed the obligation to pay Amoco Egypt's Egyptian income taxes onPage: Previous 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 Next
Last modified: May 25, 2011