ORSTAOrienting Station (surveyed reference location for positioning field artillery)
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The proposed legislation would clarify the definition of "taxable services" to include (in clause (c.1) of subsection (1.1) of the ORSTA) "labour provided in respect of the installation, configuration, modification or upgrading of a computer program, as those expressions are defined by the Minister." The proposed changes to the definition will assist in providing a clearer picture of the types of activities subject to the ORSTA.
The ORSTA defines "tangible personal property" to include computer programs and "taxable services" to include "labour provided to install, assemble, dismantle, adjust, repair or maintain tangible personal property, and any contract for the service, maintenance or warranty of tangible personal property." The Act does not, however, define the following terms: installing, assembling, dismantling, adjusting, repairing or maintaining tangible personal property.
Section 7(1) 62 of the ORSTA provides an exemption from taxation for computer programs "designed and developed to meet the specific requirements of the initial purchaser." A custom program need not be developed "from scratch"; an existing program that has been extensively modified may also qualify for the exemption.
Paragraph 7(1) 62 of the ORSTA exempts from tax "[c]omputer programs designed and developed to meet the specific requirements of the initial purchaser, but only in such circumstances as the Minister may prescribe." Section 14.2 of Regulation 1012 requires that the computer program be "designed and developed solely to meet the specific requirements of, and that is intended for the exclusive use of, a particular person" or be a prewritten program that is "modified solely to meet the specific requirements of a particular person."
NORDIC BUSINESS REPORT-2 May 2006-Sparebanken Volda Orsta posts Q1 pre-tax result of NOK15.69m(C)1994-2006 M2 COMMUNICATIONS LTD http://www.m2.com
The Norwegian bank Sparebanken Volda Orsta issued its first quarter report on Tuesday (2 May), posting a pre-tax result of NOK15.69m, as compared to NOK12.21m in the first quarter of 2005.
NORDIC BUSINESS REPORT-14 July 2005-Sparebanken Volda Orsta reports 6-month pre-tax profit of NOK28.2m(C)1994-2005 M2 COMMUNICATIONS LTD http://www.m2.com
The Norwegian savings bank Sparebanken Volda Orsta reported on Thursday (14 July) a pre-tax profit of NOK28.2m on net interest and credit income of NOK39.1m for the financial period January-June 2005.
The contracts, valued at a total of NOK100m, were signed with Fana Sparebank, Sparebanken Volda Orsta and Voss Sparebank, each of which is discontinuing existing cooperation with Terra-Gruppen, EDB Business Partner said.