To make the mining activity of the company in the country to be commercially viable, the Government and the Company entered into a Memorandum of Understanding dated 30 June 2003 (the "2003 MOU") pursuant to which the Government and the company agreed to modify certain provisions of the 2001 Agreement to procure and transfer to the Government of up to thirty percent (30%) of the issued share capital in the company.
(1) Taxes deducted by the company from the emoluments of employees of the company as required pursuant to the Income Tax Rules ("PAYE Taxes");
(2) Withholding tax under Clause 6(f)(iii) D of this Agreement;
(3) Mining Rent under Clause 6(a)(l) of this Agreement;
(4) Surface Rent under Clause 6(a)(2) of this Agreement;
(5) Port charges and Harbor Dues under clause 11(p) of this Agreement;
(6) Agricultural Development Fund payments under clause 10(j) of this Agreement.
Road users fuel levy under Clause 11(o) of this Agreement;
(8) Import and export inspection fees under clause 11(l) of this Agreement;
(9) under clause 6(b), royalty in respect of each shipment of rutile and/or other titanium-bearing and associated minerals mined under the Mining Lease and sold by the company at a rate of one-half of one percent (0.5%) of the gross sales price, free alongside the Sierra Leone port up to and including December 31, 2014. After December 31 ,2014, the royalty shall revert to the rate provided in clause 6(b)(1)(i) of this Agreement. The provisions of clauses 6(b)(2) and 6(b)(3) of this Agreement shall apply to all Royalty payments under this Clause 13(b)(9).
(10) Under clause 6(c), in respect of each Financial year during the Suspension Period, Income (Turnover) Tax at a rate of one-half of one percent (0.5%) of the amount of turnover of the business of the company in such Financial Year, as such expression is defined in clause 2 of the Income Tax Act. The company may offset any future income (turnover) tax liability against
any amount paid for the Financial Years ending 31 December 1995 and 31 December 1996. After the Suspension period, Income Taxes shall be
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4assessed pursuant to the rates provided in Clause 6(c) of this Agreement.
(ll) Under Clause 6(g)(2), fuel import duty at a rate of one percent (l%) on imports of fuel other than petrol or kerosene.