Template:Nutshell GMSLA 12.2: Difference between revisions
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Amwelladmin (talk | contribs) Created page with "{{gmslaprov|12.2}} if the paying {{gmslaprov|Party}} is required to deduct {{gmslaprov|Tax}}, it must: <br> :(a) promptly notify the '''{{gmslaprov|Recipient}}'''; <br> :(b) p..." |
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:(b) pay the full {{gmslaprov|Tax}} amount required to the relevant authority; <br> | :(b) pay the full {{gmslaprov|Tax}} amount required to the relevant authority; <br> | ||
:(c) provide the {{gmslaprov|Recipient}} with evidence of such payment to such authorities; and <br> | :(c) provide the {{gmslaprov|Recipient}} with evidence of such payment to such authorities; and <br> | ||
:(d) other than for {{gmslaprov|manufactured payments in respect of Non-Cash Collateral }}, [[gross up]] the payment so the {{gmslaprov|Recipient}} receives what it would have received had the deduction not been required; provided {{gmslaprov|Payer}} need not gross up any amount if it would not have had to deduct had {{gmslaprov|Recipient}} provided information required under paragraph {{gmslaprov|12.3}}. <br> | :(d) other than for {{gmslaprov|manufactured payments in respect of Non-Cash Collateral}}, [[gross up]] the payment so the {{gmslaprov|Recipient}} receives what it would have received had the deduction not been required; provided {{gmslaprov|Payer}} need not gross up any amount if it would not have had to deduct had {{gmslaprov|Recipient}} provided information required under paragraph {{gmslaprov|12.3}}. <br> | ||
Latest revision as of 14:10, 10 September 2018
12.2 if the paying Party is required to deduct Tax, it must:
- (a) promptly notify the Recipient;
- (b) pay the full Tax amount required to the relevant authority;
- (c) provide the Recipient with evidence of such payment to such authorities; and
- (d) other than for manufactured payments in respect of Non-Cash Collateral, gross up the payment so the Recipient receives what it would have received had the deduction not been required; provided Payer need not gross up any amount if it would not have had to deduct had Recipient provided information required under paragraph 12.3.