Deduction or Withholding for Tax - ISDA Provision: Difference between revisions

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{{isdaanat|2(d)}}
{{manual|MI|2(d)|Section|2(d)|medium}}
===So?===
Section {{isdaprov|2(d)}} does the following:
*'''Net obligation''': if a counterparty suffers withholding it generally doesn’t have to gross up – it just remits tax to the revenue and pays net.
*'''Refund obligation where tax subsequently levied''': if a counterparty pays gross and subsequently is levied the tax, the recipient must refund an equivalent amount to the tax.
*'''{{isdaprov|Indemnifiable Tax}}''': the one exception is “{{isdaprov|Indemnifiable Tax}}” - this is tax arises as a result of the payer’s own status vis-à-vis the withholding jurisdiction. In that case the payer has to gross up, courtesy of a magnificent [[quintuple negative]].
====Stamp Tax covered elsewhere====
{{isdaprov|Stamp Tax}} reimbursement obligations are covered at {{isdaprov|4(e)}}, not here.
 
==== Differences between {{1992ma}} and {{2002ma}}====
Observant, obedient scholars will notice that there are no great [https://jollycontrarian.com/index.php?title=User%3AAmwelladmin&type=revision&diff=20900&oldid=20899 differences] between the {{2002ma}} and the {{1992ma}}:
[[File:2(d)(i).png|thumb|left|450px|The differences between the {{2002ma}} and the {{1992ma}}]] <br>
 
Observant and ''less'' obedient scholars will remark what a pig’s ear the ISDA drafting committee made of a simple concept and, when given a once-in-a-decade opportunity to improve it in 2002, the combined intellectual might of {{tag|ISDA}}, its members, friends, relations and their divers [[mediocre lawyer|counsel]], retinue and entourage, couldn’t.
 
Or didn’t.
 
Both are excruciating in the conveyance of a fairly simple idea, which, in a {{nutshell}} is set out at the top of the panel on the right.
{{Withholding under ISDA}}

Revision as of 17:47, 18 February 2020

Template:Code MI 2(d)
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2(d) Section in a Nutshell™

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Full text of 2(d) Section

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See also

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References

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