71% tax on profits above a threshold level, a result it described as "a classic excess profits tax.
Nonetheless, McLure and Zodrow demonstrate that from an economic standpoint, both of these taxes are equivalent to an excess profits tax.
On the other hand, the harsh winter weather as well as the delays with our drilling program and imposition of the Kazakh Excess Profits Tax has adversely impacted our results.
FINANCIAL HIGHLIGHTS ($000, except share data) Quarter Ended March 31 2006 2005 Revenue 53,450 24,327 Cost and expenses (20,630) (14,103) Excess Profits Tax (4,426) - Other income/(expense) (607) (1,132) Minority interests (7,729) (2,822) Income tax expense (10,200) (2,436) Net income available to common stockholders 9,858 3,834 Basic earnings per share: Net income per share $ 0.
Investors are cautioned that all forward-looking statements involve high risks and uncertainty, including without limitation, our limited operating history, our ability to launch, sustain, and/or increase our production, our ability to market our lubricant products, the costs and risks of exploring and developing new oil and natural gas reserves, the price for which such reserves can be sold, environmental concerns effecting the drilling of oil and natural gas wells, fluctuations in commodity prices, inconsistent application, interpretation, and enforcement of applicable Kazakh government taxes, and Kazakhstan Excess Profits Tax
, currency exchange losses if Tenge depreciates against U.
While it has also been speculated that an excess profits tax
on this business could be proposed (especially given President Clinton's current propensity to raise taxes), Dain Bosworth Incorporated's view is the summit may focus on how to improve public forest management practices rather than hurting the private timber owners.
5] An additional "declared value" excess profits tax, based on profits in excess of a percentage of the value of corporate stock, was in effect from 1933 through 1945.
It was taken into account, as either a deduction or a credit, for the income tax and the other excess profits tax.
7] From June 1940 to the end of 1945, a tax on profits in excess of average prewar earnings was also imposed, it was taken into account, as either a deduction or a credit, for the income tax and the other excess profits tax