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The withholding tax rate for income paid to nonresidents without a permanent establishment in TimorLeste is 10%. Rent Payments: payer withholds the tax, unless payer of rent is an individual All rent payments are subject to withholding tax which is required under the law to be withheld and remitted by the payer (Section 55, Taxes and Duties ...
Tax Law and Public Rulings Taxes and Duties Act 2008 is the key law specifying TimorLeste''s taxes and duties, and other aspects of the tax system. There are other laws that impact on taxation. Public Rulings: the TimorLeste Revenue Service ... continue reading »
Oct 01, 2012· The amount owing to East Timor, or Timor Leste as it is known in the country, could be as much as US3 billion, once interest and penalties are added to the unpaid taxes. "As of today if they do not provide us all the justification, there''s a potentiality of [it] going up to 3 billion," East Timor finance minister Emilia Pires has told.
taxation reform, four separately distinguishable taxation regimes exists for TimorLeste''s sovereign territory and areas identified in the Timor Sea Treaty. Please refer to Appendix B – "Tax Regime Matrix" for a summary on the application of each regime. From a taxation point of view, Timor .
TIMOR SEA TREATY THE GOVERNMENT OF EAST TIMOR and THE GOVERNMENT OF AUSTRALIA CONSCIOUS of the importance of promoting East Timor''s economic development; AWARE of the need to maintain security of investment for existing and planned petroleum activities in an area of seabed between East Timor and Australia;
Mar 10, 2014· Two men divvying up resources that did not belong to either of the nations they represented. It was Timor''s Oil. Today, an independent East Timor enjoys 90% of the government revenue from one of the key fields in the Timor Sea, BayuUndan.
International tax TimorLeste Highlights 2013 ... mining support services ... case of an employee of the Government of TimorLeste, wage income tax applies whether the employment is exercised in TimorLeste or elsewhere. The concept of wages includes cash and the value of non
Petroleum (Timor Sea Treaty) Act 2003 Legislation. An Act to give effect to the Timor Sea Treaty and for related purposes: Administered by: Industry Innovation and Science former Petroleum Mining Code has the same meaning as Petroleum Mining Code had in the Petroleum (Timor Gap Zone of Cooperation) the Designated Authority shall be the East Timor Government Ministry responsible for
KIERAN GILBERT: Welcome back to AM Agenda.. With me now from Adelaide, the Shadow Parliamentary Secretary for Climate Change [Shadow Parliamentary Secretary for the Environment], Simon Birmingham, and from our Sky News Centre I have Labor MP Ed Husic.
Government policy on the natural and mineral resources is clear; that is: to explore and develop with sound mining practice for the benefit of people of TimorLeste with special attention to the environment protection, and in a sustainable manner. In line with this spirit, the draft mining legislation, which is now
Nov 16, 2016· Petroleum Mining Code means the Code referred to in Article 7 of the Treaty (including the interim code referred to in paragraph 7(b) of the Treaty). Treaty: (a) means the Timor Sea Treaty between Australia and East Timor done on 20 May 2002, .
sectors. East Timor has substantial oil and gas potential, and the Government counted on the oil and gas sector to contribute a significant portion of its revenues to the budget. The ratification of the Timor Sea Treaty between Australia and East Timor will be significant for Timor.
Agreement between the Government of the Democratic Republic of East Timor and the Government of Australia concerning Arrangements for Exploration and Exploitation of Petroleum in an Area of the Timor Sea Between East Timor and Australia, done at Dili on 20 May 2002, will cease to have effect. Date of tabling of the proposed treaty action
Apr 09, 2009· AustraliaEast Timor Battle Over Gas Project | General Discussion Topics | Forum
In 2000, the UN Transitional Administration in East Timor (UNTAET) issued a Revenue System for East Timor, providing the basis for a tax regime. It largely adopted the Indonesian income tax law with some modifications. East Timor''s tax system is designed to tax business profits and designated passive income. Business profits include capital gains.
During more than four centuries of Portuguese colonial rule, East Timor was a remote part of the Portuguese empire which was used as a source of sandalwood, and little else. During the 20th century, the authoritarian government of António Salazar used East Timor as a place of exile for political enemies of the regime.
The Government of Australia and the Government of East Timor, ... "Petroleum Mining Code" means the Code referred to in article 7 of this Treaty; ... In East Timor, the income tax imposed under ...
Timor Resources. Timor Resources is an Australian privately owned oil and gas company backed by NEPEAN™, Australia''s leading privately owned engineering, mining services and industrial manufacturing Resources, in joint venture with the Timor Government is the first company in over 40 years to have the rights to develop onshore oil and gas resources within the .
World Vision International Job Opportunities in Timor Leste. The Democratic Republic of TimorLeste (also known as East Timor), lies 640 km northwest of Australia and covers the eastern portion of the island of Timor. TimorLeste was a Portuguese colony from the early 16th century until 1975, and was then occupied by Indonesia from 1976.
Jul 26, 2019· TimorLeste individual taxpayers are subject to income tax on their taxable income, which is essentially the difference between gross income (other than from employment, see Wage Income Tax [WIT] below) and allowable deductions. Personal income tax rates. The income tax rates applicable for a resident individual taxpayer are as follows:
Doing business Current business situation. In 2015, TimorLeste was ranked as Australia''s 111th largest goods trading partner, with total merchandise trade valued at A29 million. Australian exports to TimorLeste were valued at A27 million with major items including: passenger motor vehicles; aircraft, spacecraft and parts; refined petroleum
development. Nevertheless, to understand the investment and taxation regimes applicable in TimorLeste today it is important to understand some of this evolutionary process. 1. Historical Beginning with Portuguese and Dutch traders in the early 16th Century the island state of TimorLeste (known as East Timor until 2002) has been
The Timor Sea Treaty between The government of East Timor and the government of Australia which took place in Dili, 20 May 2001, and came into force on 2 April 2003. This treaty is for a joint exploration, development and exploitation of the petroleum resources from .
Salient features of the tax regime in BayuUndan Taxation of contractors The BayuUndan field (covering PSCs JPDA 0312 and 0313) is located in the Timor Sea in the JPDA and as such is governed by the TST. In accordance with the TST, 90% of the revenue or profit derived from the JPDA is subject to tax in TimorLeste.
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