Tax Agreement - ISDA Provision: Difference between revisions
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These [[reps]] allow the other party to pay without [[Withholding tax|deduction]] for certain taxes. This covenant puts the onus on the payee (beneficiary) to ensure the other party (who is subject to the authority of the taxing authority in question) is not erroneously passing moneys through that it should withhold and for which it will be personally liable to account to the tax authority. It also gives the aggreived payer a direct right of action to claim those amounts back off the forgetful payee. <br> | |||
Revision as of 08:44, 1 August 2018
Template:Isdaana
These reps allow the other party to pay without deduction for certain taxes. This covenant puts the onus on the payee (beneficiary) to ensure the other party (who is subject to the authority of the taxing authority in question) is not erroneously passing moneys through that it should withhold and for which it will be personally liable to account to the tax authority. It also gives the aggreived payer a direct right of action to claim those amounts back off the forgetful payee.