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Payee Tax Representation - ISDA Provision: Difference between revisions
Payee Tax Representation - ISDA Provision (view source)
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*'''Withholding and Reporting''': It will assume withholding and reporting for any payments (or portions of any payments) determined to be non-Effectively Connected income for United States federal income tax purposes. | *'''Withholding and Reporting''': It will assume withholding and reporting for any payments (or portions of any payments) determined to be non-Effectively Connected income for United States federal income tax purposes. | ||
*'''Monetary Policy''': Its primary purpose for entering into this Agreement is to implement or effectuate its governmental, financial or monetary policy. | *'''Monetary Policy''': Its primary purpose for entering into this Agreement is to implement or effectuate its governmental, financial or monetary policy. | ||
{{isdaquote|'''[[HIRE Act]]''': | {{isdaquote|'''[[HIRE Act]]''':<br> | ||
1. The flush language at the end of Section {{isdaprov|2(d)(ii)}} ({{isdaprov|Obligations}} - {{isdaprov|Deduction or Withholding for Tax}} – Liability) of this {{isdaprov|Agreement}} is replaced in its entirety with the following:<br> | 1. The flush language at the end of Section {{isdaprov|2(d)(ii)}} ({{isdaprov|Obligations}} - {{isdaprov|Deduction or Withholding for Tax}} – Liability) of this {{isdaprov|Agreement}} is replaced in its entirety with the following:<br> | ||
:"then, except to the extent Y has satisfied (including by making a payment to X pursuant to Section {{isdaprov|2(d)(iii)}}) or then satisfies the liability resulting from such Tax, Y will promptly pay to X the amount of such liability (including any related liability for interest, but including any related liability for penalties only if Y has failed to comply with or perform any agreement contained in Section 4(a)(i), 4(a)(iii) or 4(d))." | :"then, except to the extent Y has satisfied (including by making a payment to X pursuant to Section {{isdaprov|2(d)(iii)}}) or then satisfies the liability resulting from such Tax, Y will promptly pay to X the amount of such liability (including any related liability for interest, but including any related liability for penalties only if Y has failed to comply with or perform any agreement contained in Section 4(a)(i), 4(a)(iii) or 4(d))." | ||
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{{isdaquote|'''[[FATCA]]''':<br> | {{isdaquote|'''[[FATCA]]''':<br> | ||
The following is added at the end of Section {{isdaprov|2(d)}} as new section {{isdaprov|2(d)(iv)}}: | The following is added at the end of Section {{isdaprov|2(d)}} as new section {{isdaprov|2(d)(iv)}}: | ||
:{{isdaprov|Foreign Account Tax Compliance Act}}. (a) For purposes of any {{isdaprov|Payer Tax Representation}}, the words “any tax from any payment” shall not include any tax imposed under Sections 1471 and 1472 of the [[Internal Revenue Code]] of 1986, as amended, (or the United States Treasury Regulations or other guidance issued thereunder) ("FATCA Withholding Tax"); and (b) the definition of “Indemnifiable Tax” shall not include any [[FATCA]] Withholding Tax.|FATCA Amendment|2002}}{{isdaanatomy}} | :{{isdaprov|Foreign Account Tax Compliance Act}}. (a) For purposes of any {{isdaprov|Payer Tax Representation}}, the words “any tax from any payment” shall not include any tax imposed under Sections 1471 and 1472 of the [[Internal Revenue Code]] of 1986, as amended, (or the United States Treasury Regulations or other guidance issued thereunder) ("FATCA Withholding Tax"); and (b) the definition of “Indemnifiable Tax” shall not include any [[FATCA]] Withholding Tax.|FATCA Amendment|2002}} | ||
{{isdaanatomy}} | |||