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Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 13343
Experience:  15years with H & R Block. Divisional leader, Instructor
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Greetings again: Question is regarding withholding tax on

Customer Question

Greetings again: Question is regarding withholding tax on currency swaps. We understand that the withholding tax needs to be grossed up by the withholding agent...but if we (our bank) would like to rebate the cost back to the customer - Are there any special
considerations?
Submitted: 1 year ago.
Category: Tax
Expert:  Robin D. replied 1 year ago.
Hello,
That is a very good question and I have only dealt with Cash Rebates. A cash rebate received from a dealer or manufacturer of an item bought is generally not income, but the buyer must reduce their basis by the amount of the rebate.
I am not sure how that would work for your specific situation.