Petroleum (Timor Sea Treaty) Act 2003

Schedule 1 - Timor Sea Treaty  

Note: This is the copy of the Treaty referred to in the definition of Treaty in subsection 5(1) of this Act.

 

Annex G under Article 13(b) of this Treaty  

Taxation Code for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion in Respect of Activities Connected with the Joint Petroleum Development Area

Article 1   General definitions  

1.  
In this Taxation Code, unless the context otherwise requires:


(a) the term ``Australian tax'' means tax imposed by Australia, other than any penalty or interest, being tax to which this Taxation Code applies;


(b) the term ``company'' means any body corporate or any entity which is treated as a company or body corporate for tax purposes;


(c) the term ``competent authority'' means, in the case of Australia, the Commissioner of Taxation or an authorised representative of the Commissioner and, in the case of East Timor, the Minister for Finance or an authorised representative of the Minister;


(d) the term ``East Timor tax'' means tax imposed by East Timor, other than any penalty or interest, being tax to which this Taxation Code applies;


(e) the term ``framework percentage'' means, in the case of Australia, ten (10) percent and, in the case of East Timor, ninety (90) percent;


(f) the term ``law of a Contracting State'' means the law from time to time in force in that Contracting State relating to the taxes to which this Taxation Code applies;


(g) the term ``person'' includes an individual, a company and any other body of persons;


(h) the term ``reduction percentage'' means, in the case of Australia, ninety (90) percent and, in the case of East Timor, ten (10) percent;


(i) the terms ``tax'' or ``taxation'' mean Australian tax or East Timor tax, as the context requires; and


(j) the term ``year'' means, in Australia, any year of income and, in East Timor, any tax year.

2.  
In the application of this Taxation Code at any time by a Contracting State any term not defined in this Taxation Code or elsewhere in the Treaty shall, unless the context otherwise requires, have the meaning which it has at that time under the law of that Contracting State for the purposes of the taxes to which this Taxation Code applies, any meaning under the applicable tax law of that State prevailing over a meaning given to the term under other law of that State.




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