Production Sharing Agreement

[sadiksojib35]

A production sharing agreement (PSA) is a special type of taxation that is used in the oil and gas industry. According to this system, the state grants the investor the right to develop the subsoil, and the investor, in turn, assumes all the responsibility and risks in the course of its activities.

Such agreements are usually concluded for a long term between states and large mining corporations.

How to combine tax regimes? Enterprises have belize whatsapp phone number the right to apply several tax regimes simultaneously.

Combination is possible :

general system and patent (data for each mode are taken into account separately);
"simplified tax system" and patent (simplified tax system and patent tax system cannot be applied to the same type of activity);
Unified agricultural tax and patent.
Incompatible :

general taxation system with simplified taxation system (including automated system of simplified taxation system) and agricultural tax;
NPD and ASUN with any other system.
When can you switch to special tax regimes?

When registering a legal entity, by default it becomes a payer on the OSNO. You can switch to a special regime by applying at the time of registration or after thirty days.

You can switch to the simplified tax system or the Unified Agricultural Tax from the new calendar period.

And for a patent, if you notify the tax office 10 days before the patent comes into effect.



How to choose a tax system
The well-being of the company depends on the choice of the tax system. The business owner must be guided by the benefit for his company.

What should an entrepreneur rely on when choosing a tax payment regime :

What type of activity will be conducted. Not every industry meets the criteria of certain tax systems. For example, if you are engaged in retail trade, it is more profitable to choose the simplified tax system, and if wholesale, then the general tax system may be suitable.
How many employees will be involved. Remember the limits on each of the special tax regimes. Unlimited number of employees only on the general system.
Who will be the counterparty in the work. If all contractors work on the OSNO and pay VAT, then it is most profitable to choose a similar scheme. This way you can reduce the amount of tax on input VAT.
What tax benefits are there in the region? Check out the legislation and current rates for all types of taxes.
What tax burden is planned. Currently, the FTS website has an online calculator option that allows you to calculate the tax burden based on the specified parameters.
Remember that an entrepreneur has the right to choose a taxation system that is beneficial and convenient for his organization. Do not forget to notify the tax office of your choice.