Tax - ISDA Provision: Difference between revisions

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{{isdasnap|Tax}}
{{isdasnap|Tax}}
====Commentary====
====Commentary====
If you compare this definition with the equivalent definition of {{gmslaprov|Tax}} in the {{gmsla}} you might find yourself idly wondering about this strange little exception, missing from the GMSLA, for {{tag|stamp duty}}. I know I did.
If you compare this definition with the equivalent definition of {{gmslaprov|Tax}} in the {{gmsla}} you might find yourself idly wondering about this strange little exception, missing from the GMSLA, for {{isdaprov|Stamp Tax}}. I know I did.


Interestingly - or not, depending on your perspective - the drafters of the {{2002ma}} neglected to make use of the opportunity to use the definition of "{{isdaprov|Stamp Tax}}" in place of the less elegant "stamp, registration, documentation or similar tax". But this might be the reason for the carve-out: Stamp Tax has its own little representation in Section {{isdaprov|4(e)}}.
Interestingly - or not, depending on your perspective - the drafters of the {{2002ma}} neglected to make use of the opportunity to use the definition of "{{isdaprov|Stamp Tax}}" in place of the less elegant "stamp, registration, documentation or similar tax". But this might be the reason for the carve-out: Stamp Tax has its own little representation in Section {{isdaprov|4(e)}}.

Revision as of 15:42, 11 April 2016

In gory detail

1992 ISDA
Tax” means any present or future tax, levy, impost, duty, charge, assessment or fee of any nature (including interest, penalties and additions thereto) that is imposed by any government or other taxing authority in respect of any payment under this Agreement other than a stamp, registration, documentation or similar tax.

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2002 ISDA
Tax” means any present or future tax, levy, impost, duty, charge, assessment or fee of any nature (including interest, penalties and additions thereto) that is imposed by any government or other taxing authority in respect of any payment under this Agreement other than a stamp, registration, documentation or similar tax.

(view template)

Commentary

If you compare this definition with the equivalent definition of Tax in the 2010 GMSLA you might find yourself idly wondering about this strange little exception, missing from the GMSLA, for Stamp Tax. I know I did.

Interestingly - or not, depending on your perspective - the drafters of the 2002 ISDA neglected to make use of the opportunity to use the definition of "Stamp Tax" in place of the less elegant "stamp, registration, documentation or similar tax". But this might be the reason for the carve-out: Stamp Tax has its own little representation in Section 4(e).

See Also