Template:Nutshell 2002 ISDA 2(d)(i): Difference between revisions
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Amwelladmin (talk | contribs) (Created page with "{{isdaprov|2(d)(i)}} {{isdaprov|Gross-Up}}. All payments must be made without withholding unless it is required by law. In that case the payer must: :(1) promptly notify recip...") |
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{{isdaprov|2(d)(i)}} {{isdaprov|Gross-Up}}. All payments must be made without withholding unless | {{isdaprov|2(d)(i)}} {{isdaprov|Gross-Up}}. All payments must be made without withholding unless is required by law. <br /> | ||
In that case the payer must: | |||
:(1) promptly notify recipient; | :(1) promptly notify recipient; | ||
:(2) pay the amount | :(2) pay the necessary amount to the tax authorities; | ||
:(3) provide the recipient with evidence it | :(3) provide the recipient with evidence of the payment it made; and | ||
:(4) where the withholding is an {{isdaprov|Indemnifiable Tax}}, gross the withholding | :(4) where the withholding is an {{isdaprov|Indemnifiable Tax}}, {{tag|gross up}} the withholding to the recipient.<br /> | ||
A payer won't have to gross up where: | A payer won't have to gross up where: | ||
:(1) the recipient failed to provide necessary information to process a rebate; or | :(1) the recipient failed to provide necessary information to process a rebate; or | ||
:(2) its Section {{isdaprov|3(f)}} tax representations turned out to be wrong (unless that was brought about by a tax authority taking legal action or a {{isdaprov|Change in Tax Law}} after the {{isdaprov|Transaction}} was executed. | :(2) its Section {{isdaprov|3(f)}} tax representations turned out to be wrong (unless that was brought about by a tax authority taking legal action or a {{isdaprov|Change in Tax Law}} after the {{isdaprov|Transaction}} was executed. | ||
Revision as of 17:09, 11 April 2016
2(d)(i) Gross-Up. All payments must be made without withholding unless is required by law.
In that case the payer must:
- (1) promptly notify recipient;
- (2) pay the necessary amount to the tax authorities;
- (3) provide the recipient with evidence of the payment it made; and
- (4) where the withholding is an Indemnifiable Tax, gross up the withholding to the recipient.
A payer won't have to gross up where:
- (1) the recipient failed to provide necessary information to process a rebate; or
- (2) its Section 3(f) tax representations turned out to be wrong (unless that was brought about by a tax authority taking legal action or a Change in Tax Law after the Transaction was executed.