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Tax - ISDA Provision: Difference between revisions
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{{isdaanat|Tax}} | {{isdaanat|Tax}} | ||
''NB - the {{1992ma}} and {{2002ma}} versions are '''identical''' | ''NB - the {{1992ma}} and {{2002ma}} versions are '''identical''' | ||
=== | Tax and Stamp tax are meant to be mutually exclusive. Here’s what the [[File:ISDA 2002 User Guide.pdf|ISDA User's guide]] has to say about it, in a footnote on page 58. | ||
:''“{{isdaprov|Tax}}” is defined in Section {{isdaprov|14}} as any tax, charge or other similar listed items, except a stamp, registration, documentation or similar tax (''i.e.'', a “{{isdaprov|Stamp Tax}}” as defined in Section {{isdaprov|14}} of the 2002 Agreement).'' | |||
===Ok, so why leave out {{isdaprov|Stamp Tax}}?=== | |||
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]]: {{isdaprov|Stamp Tax}} has its own little representation in Section {{isdaprov|4(e)}}. | 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]]: {{isdaprov|Stamp Tax}} has its own little representation in Section {{isdaprov|4(e)}}. | ||