Template:Nutshell 2002 ISDA 2(d)(ii): Difference between revisions
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Amwelladmin (talk | contribs) Created page with ":{{isdaprov|2(d)(ii)}} '''Liability'''. If:― ::(1) X is required to deduct or withhold a {{isdaprov|Tax}} payment that it would not have to gross up to Y under Section..." |
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:{{isdaprov|2(d)(ii)}} '''Liability'''. If: | :{{isdaprov|2(d)(ii)}} '''Liability'''. If the payer :— | ||
::(1) | ::(1) is required by law to withhold a ''non''-{{isdaprov|Indemnifiable Tax}}; | ||
::(2) | ::(2) nonetheless does not do so; and | ||
::(3) | ::(3) suffers by direct assessment a liability for that {{isdaprov|Tax}}, | ||
:then, unless | :then, unless the recipient has satisfied the {{isdaprov|Tax}} liability directly, it must reimburse the payer for that liability (plus interest, but not penalties unless it failed to provide tax information required under Section {{isdaprov|4(a)}}, or breached any {{isdaprov|Payee Tax Representations}}. <br> | ||
Latest revision as of 15:29, 19 September 2019
- 2(d)(ii) Liability. If the payer :—
- (1) is required by law to withhold a non-Indemnifiable Tax;
- (2) nonetheless does not do so; and
- (3) suffers by direct assessment a liability for that Tax,
- then, unless the recipient has satisfied the Tax liability directly, it must reimburse the payer for that liability (plus interest, but not penalties unless it failed to provide tax information required under Section 4(a), or breached any Payee Tax Representations.