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
You may also be interested in:
The FATCA form has been updated as of July 2017. You can find the new version attached above.
QCR Autumn 2017: Can Owners recover Kidnap & Ransom insurance premiums from Charterers under BIMCO Piracy Clause?
Can Owners recover Kidnap & Ransom insurance premiums from Charterers under BIMCO Piracy Clause?
Legal Article: India - Admiralty (Jurisdiction & Settlement of Maritime Claims) Act, 2017
The Admiralty Act has been a much awaited legislation to codify the rules and practices relating to enforcement of Maritime Claims and Liens, and arrests, in India.