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| Section {{isdaprov|2(d)}} does the following:
| | {{isda 2(d) summ|isdaprov}} |
| *'''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.
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| *'''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.
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| *'''{{isdaprov|Indemnifiable Tax}}''': the one exception is “{{isdaprov|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, courtesy of a magnificent [[quintuple negative]].
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| {{isdaprov|Stamp Tax}} reimbursement obligations are covered at {{isdaprov|4(e)}}, not here.
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| ====News from the pedantry front====
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| {{withholding and deduction pedantry}}
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