IRS Closing Agreement
The UK Club has entered into a closing agreement with the United States Internal Revenue Service (IRS). This closing agreement secures exemption for the Club from Section 4371 Excise Tax, which applies to insurance premiums paid to a foreign insurer or reinsurer when the exemption is based on the provisions of an income tax treaty to which the United States is a party. The UK Club is now listed on the IRS website as a party to a closing agreement with the IRS.
For more information on the IRS closing agreement, please see the IRS websitehttp://www.irs.gov/Businesses/International-Businesses/Exemption-from-Section-4371-Excise-Tax
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Please find below information received from UK Club correspondent in Turkey, Vitsan; the circular outlines the recent announcement that wash water discharge of open-loop scrubbers is prohibited in Turkish waters.
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