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Template:Withholding under ISDA: Difference between revisions
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The combination of the {{isdaprov|Payer Tax Representations}} and the {{isdaprov|Gross-Up}} clause of the {{isdama}} has the following effect: | The combination of the {{isdaprov|Payer Tax Representations}} and the {{isdaprov|Gross-Up}} clause of the {{isdama}} has the following effect: | ||
*'''Section {{isdaprov|3(e)}}''': I promise you that I do not have to withhold on my payments to you (as long as all your {{isdaprov|Payee Tax Representations}} are correct and you have, under Section {{isdaprov|4(a)}}, given me everything I need to pay free of withholding); | *'''Section {{isdaprov|3(e)}}''': I promise you that I do not have to withhold on my payments to you (as long as all your {{isdaprov|Payee Tax Representations}} are correct and you have, under Section {{isdaprov|4(a)}}, given me everything I need to pay free of withholding); | ||
*'''Section {{isdaprov|2(d)}}''': I will not withhold on any payments to you. Unless I am required to by law. Which I kind of told you I wasn’t... If I have to withhold, I'll pay the tax the authorities and give you the receipt. If I only had to withhold because of my connection to the taxing jurisdiction (that is, if the withholding is an {{isdaprov|Indemnifiable Tax}}), I’ll [[Never gonna gross you up|gross you up]]. (You should look at the drafting of {{isdaprov|Indemnifiable Tax}}, by the way. It's quite a marvel). ... ''Unless'' the tax could have been avoided if the Payee had taken made all its {{isdaprov|3(f)}} representations, delivered all its {{isdaprov|4(a)}} material, or had its {{isdaprov|3(f)}} representations been, like, ''true''). | *'''Section {{isdaprov|2(d)}}''': I will not withhold on any payments to you. Unless I am required to by law. Which I kind of told you I wasn’t... If I have to withhold, I'll pay the tax the authorities and give you the receipt. If I only had to withhold because of my connection to the taxing jurisdiction (that is, if the withholding is an {{isdaprov|Indemnifiable Tax}}), I’ll [[Never gonna gross you up|gross you up]]. (You should look at the drafting of {{isdaprov|Indemnifiable Tax}}, by the way. It's quite a marvel). ... | ||
*'''{{isdaprov|Gross-Up}}''': ''Unless'' the tax could have been avoided if the {{isdaprov|Payee}} had taken made all its {{isdaprov|3(f)}} representations, delivered all its {{isdaprov|4(a)}} material, or had its {{isdaprov|3(f)}} representations been, like, ''true''). | |||
*'''{{isdaprov|Stamp Tax}}''' is a whole other thing. | *'''{{isdaprov|Stamp Tax}}''' is a whole other thing. | ||
*As is '''{{tag|FATCA}}''', which (as long as you’ve made your {{isdaprov|FATCA Amendment}} or signed up to a {{isdaprov|FATCA Protocol}}, provides that {{isdaprov|FATCA Withholding Tax}}es are excluded from the Section {{isdaprov|3(e)}} {{isdaprov|Payer Tax Representations}}, and also from the definition of {{isdaprov|Indemnifiable Tax}}. Meaning one doesn't have to rep, or {{isdaprov|gross up}}, {{tag|FATCA}} payments. | *As is '''{{tag|FATCA}}''', which (as long as you’ve made your {{isdaprov|FATCA Amendment}} or signed up to a {{isdaprov|FATCA Protocol}}, provides that {{isdaprov|FATCA Withholding Tax}}es are excluded from the Section {{isdaprov|3(e)}} {{isdaprov|Payer Tax Representations}}, and also from the definition of {{isdaprov|Indemnifiable Tax}}. Meaning one doesn't have to rep, or {{isdaprov|gross up}}, {{tag|FATCA}} payments. | ||