This form is used in the event any part to this Agreement elects not to participate in a Horizontal Exploratory Well, the non-participating party shall, on commencement of operations for the well, relinquish to the participating party one hundred percent (100%) of its rights, title, and interests in and to that portion of the Contract Area included within the Drilling Unit for the well and one hundred percent (100%) of the party’s rights, title, and interests in and to that portion of the Contract Area.
Puerto Rico Relinquishment Provision - Horizontal Well
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State:
Multi-State
Control #:
US-OG-718
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Word;
Rich Text
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How to fill out Relinquishment Provision - Horizontal Well?
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FAQ
When you sell a property in Puerto Rico, there is a 15% tax on any capital gains. That gain is calculated by taking the Sales Price, subtracting Closing Costs, subtracting Capital Improvements, and then subtracting your original Purchase Price.
The sales and use tax ("SUT") is the principal indirect tax in Puerto Rico. It is a tax on sales and use of taxable tangible property and services based on sales price. It is also applied to goods, imported for use or consumption within Puerto Rico, and to items that will be part of inventory for resale.
Statutory Tax Rate For tax years beginning after 31 December 2018, the basic corporate tax rate is reduced from 20% to 18.5%, resulting in a maximum rate of 37.5% with the additional surtax.
An indirect tax is imposed on one person or group, like manufacturers, then shifted to a different payer, usually the consumer. Unlike direct taxes, indirect taxes are levied on goods and services, not individual payers, and collected by the retailer or manufacturer.
Residents of Puerto Rico are required to pay most types of federal taxes. Specifically, residents of Puerto Rico pay customs taxes, Federal commodity taxes, and all payroll taxes (also known as FICA taxes, which include (a) Social Security, (b) Medicare, and Unemployment taxes).
Puerto Rico sales and use tax is in Spanish ?Impuesto a las Ventas y Uso,? aka IVU. The tax rate is 11.5%; the municipality where the sale took place receives 1% of that and the government of Puerto Rico receives the remaining 10.5%.
Puerto Rico offers great tax incentives to LLCs and individuals who move to Puerto Rico, including a 4% income tax and exemptions from paying taxes on capital gains, interest, or dividends (for individuals and businesses that meet the requirements).
A foreign corporation may be engaged in trade or business in Puerto Rico as a division or branch of that foreign corporation, or as a separate corporation or subsidiary.
