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| ISDA's Tax Committee monitors and addresses emerging issues in taxation
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Withholding Tax on Derivatives Transactions
SUBJECT |
STATUS
- DESCRIPTION |
AVAILABLE
DOCUMENTS |
ISDA Comment Letter on Section 871(m) of the Internal Revenue Code of 1986 |
Submitted March 25, 2011 |
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| U.S. withholding tax on certain “dividend equivalent payments” made with respect to equity swaps | Submitted on December 21, 2009 | (ISDA Letter on Extenders Bill) (ISDA Comments on section 501 of FATCA) |
| The imposition of U.S. withholding tax with respect to certain payments made on equity swaps |
Qualified Covered Calls - November 20, 2009 | (Exhibit to ISDA Letter) (ISDA Comments section 501 of FATCA) |
Commodity Index Derivatives
- Regulated Investment Companies
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SUBJECT |
STATUS
- DESCRIPTION |
AVAILABLE
DOCUMENTS |
| IRS Revenue Ruling 2006-1 | Submission to Eric Solomon, Acting Deputy Assistant Secretary (Regulatory Affairs), US Treasury - April 27, 2006 | ISDA Submission on Rev Ruling 2006-1 |
| IRS Revenue Ruling 2006-31 | Revenue Ruling 2006-31, modifies Revenue Ruling 2006-1 to extend until September 30, 2006, the transition period provided by that ruling. It also clarifies that Revenue Ruling 2006-1 was not intended to preclude a conclusion that income from certain instruments, such as certain structured notes, that create a commodity exposure for the holder is qualifying income under section 851(b)(2). | http://www.irs.gov/pub/irs-drop/rr-06-31.pdf |
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SUBJECT |
STATUS
- DESCRIPTION |
AVAILABLE
DOCUMENTS |
| ISDA Withholding Taxes on Credit Default Swaps | Submitted on October 24, 2002 | ISDA Comment Letter on Withholding Taxes on Credit Default Swaps |
| Notice 2003-26: Comments on Recommendations for the 2003-2004 Guidance Priority List - ISDA requests inclusion of guidance on the tax treatment of credit default swaps | Submitted May 2, 2003 | Comment letter on Recommendations for the 2003-2004 Guidance Priority List |
| Supplemental Submission to Barbara Angus, US Treasury regarding Withholding Taxes on Credit Default Swaps | Submitted November 21, 2003 and December 10, 2003 | Supplemental Letter November 21, 2003, Supplemental Submission November 21, 2003 and Supplemental Submission December 10, 2003 |
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SUBJECT |
STATUS
- DESCRIPTION |
AVAILABLE
DOCUMENTS |
| ISDA Comment Letter on Proposed Tax Regulations Concerning Contingent Non-Periodic Payments Under Notional Principal Contracts | Filed on 11/20/2001 | Comment Letter on Tax |
| Suggested Anti-Abuse Rule for Use with the Wait-and-See Method of Accruing Contingent Payments on Notional Principal Contracts | Submitted May 12, 2003 | Comment letter on Suggested Anti-Abuse Rule |
| Letter to Department of Treasury on Taxation of Notional Principal Contracts that Provide for Contingent Payments | Discussion of potential adverse impact of proposed alternative methodologies in preparation for September 30, 2003 meeting with Treasury and IRS representatives | Letter Taxation of Notional Principal Contracts that Provide for Contingent Payments with previous comment letters of May 12, 2003 and November 20, 2001 attached |
| ISDA requests clarification of effective date statements in Treasury/IRS proposed regulations on notional principal contracts | Submitted March 19, 2004 | Request for Clarification of Effective Date Statements in Preamble to Proposed Regulations on Notional Principal Contracts with Contingent Nonperiodic Payments |
| Follow-up: ISDA requests clarification of effective date statements in Treasury/IRS proposed regulations on notional principal contracts | Submitted April 27, 2004 | Proposed Regulations Regarding Notional Principal Contracts with Contingent Nonperiodic Payments - Effective Date Issues |
| Follow-up: Comments on Proposed Regulations Relating to Notional Principal Contracts with Contingent Nonperiodic Payments | Submitted October 13, 2004 | Comments on Proposed Regulations Relating to Notional Principal Contracts with Contingent Nonperiodic Payments |
| Meeting with Treasury/IRS on Proposed Regulations Relating to Notional Principal Contracts with Contingent Nonperiodic Payments | Met with Treasury/IRS representatives on February 8, 2005 | Outline of Discussion on February 8, 2005 |
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SUBJECT |
STATUS
- DESCRIPTION |
AVAILABLE
DOCUMENTS |
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Amicus Brief - Bank One Corporation v. IRS |
October 12, 2000 |
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ISDA Comment Letter on Proposed Tax Regulations Concerning Contingent Non-Periodic Payments Under Notional Principal Contracts |
Filed on 11/20/2001 |
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Proposed Sec. 475 Book-Tax Conformity Safe Harbor |
Submitted August 4, 2003 |
Comment letter on Proposed Sec. 475 Book-Tax Conformity Safe Harbor (Exhibit A - ISDA Primary Members) |
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Proposed Sec. 475 Book-Tax Conformity Safe Harbor |
Submitted March 7, 2006 |
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SUBJECT |
STATUS
- DESCRIPTION |
AVAILABLE
DOCUMENTS |
| ISDA urges the Senate Finance Committee and House Ways and Means Committee to preserve current law "qualified covered call" (QCC) treatment for OTC options. | Submitted May 19, 2004 |
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SUBJECT |
STATUS
- DESCRIPTION |
AVAILABLE
DOCUMENTS |
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ISDA's response to the OECD draft, Part III - Global Trading of Financial Instruments |
Submitted June 27, 2003 |
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IRS Proposed Regulations: "Allocation and Sourcing of Income and Deductions Among Taxpayers Engaged in Global Dealing Operations" |
ISDA comment letter submitted to the IRS on July 10, 1998. |
IRS Notice REG-208299-90 |
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SUBJECT |
STATUS
- DESCRIPTION |
AVAILABLE
DOCUMENTS |
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ISDA Comment Letter on the Temporary Tax Shelter Regulations Issued on October 22, 2002 |
Submitted December 2, 2002 |
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Additional Comments by ISDA Relating to the Tax Shelter Regulations Issued on October 22, 2002 and Amended by Notice |
Submitted February 5, 2003 |
Additional Comments by ISDA Relating to the Tax Shelter Regulations |
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SUBJECT |
STATUS
- DESCRIPTION |
AVAILABLE
DOCUMENTS |
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Amendment to the English Law (Transfer) CSA and New York Law CSA regarding withholding tax on JPY held as collateral |
Published - August 9, 2004 |
Form of Amendment to 1995 ISDA Credit Support Annex (Transfer - English Law) and; Form of Amendment to 1994 ISDA Credit Support Annex (Security Interest - New York Law) |
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Payee U.S. Tax Representations |
Published on website 10/25/2001 |
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SUBJECT |
STATUS
- DESCRIPTION |
AVAILABLE
DOCUMENTS |
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Testimony Of Mark Perwien at IRS Hearing on Proposed Hedging Regulations |
Testified on 05/16/2001 |
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ISDA Comment Letter on Proposed Regulations Concerning Hedging Transactions |
Filed on 04/24/2001 |
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New Tax and Withholding Reporting Rules for Swaps (Oct. 6, 1997: IRS in U.S.) |
IRS issued regulation
on October 6, 1997 effective January 1, 1999. Effectiveness has been postponed
to January 1, 2001. |
* Sidley
& Austin memo of 02/04/98 |
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SUBJECT |
STATUS
- DESCRIPTION |
AVAILABLE
DOCUMENTS |
| ISDA Letter to the Portuguese Secretary of State for Tax Affairs regarding Law 67 – A/2007 | Submitted on June 24, 2008 to Carlos Lobo, Portuguese Secretary of State for Tax Affairs | ISDA Letter to the Portuguese Secretary of State for Tax Affairs regarding Law 67 – A/2007 (June 24, 2008) |
| ISDA letter on HMRC re-write project derivatives contract legislation | The letter highlights ISDA's preference for the existing format of the legislation | ISDA letter on HMRC re-write project derivatives contract legislation, October 19, 2007 |
| Guidance on UK Tax Issues Arising from the Use of the English Law Credit Support Annex |
Appendix 2 of the 1998 Guidelines for Collateral Practitioners |
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| ISDA Letter to HM Customs & Excise on VAT treatment of Swap Premia |
Submitted March 14, 2005 |
ISDA Letter to David Garlick, HM Customs & Excise, on VAT treatment of Swap Premia |
| ISDA letter to Inland Revenue on the latest draft of the Disregard Regulations |
Submitted July 9, 2004 |
ISDA letter to Richard Thomas, Inland Revenue, regarding Disregard Regulations |
| ISDA's representations to Inland Revenue on Proposed New Approach to the Taxation of Derivatives Based on Property and Share Values |
Submitted February 10, 2004 |
ISDA Letter new approaches property equity derivatives February 10, 2004 |
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Last Updated: December 21, 2009 |