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Deduction or Withholding for Tax - ISDA Provision: Difference between revisions
Deduction or Withholding for Tax - ISDA Provision (view source)
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{{isdaanat|2(d)}} | {{isdaanat|2(d)}} | ||
===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 “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. | |||
There’s no great [https://jollycontrarian.com/index.php?title=User%3AAmwelladmin&type=revision&diff=20900&oldid=20899 difference] between the {{2002ma}} and the {{1992ma}}: [[File:2(d)(i).png|thumb|left|450px|The differences between the {{2002ma}} and the {{1992ma}}]] <br> | There’s no great [https://jollycontrarian.com/index.php?title=User%3AAmwelladmin&type=revision&diff=20900&oldid=20899 difference] between the {{2002ma}} and the {{1992ma}}: [[File:2(d)(i).png|thumb|left|450px|The differences between the {{2002ma}} and the {{1992ma}}]] <br> | ||
Both are excruciating in the conveyance of a fairly simple idea, which, in a {{nutshell}} is this: | Both are excruciating in the conveyance of a fairly simple idea, which, in a {{nutshell}} is this: | ||