What is a Hawaii Taxable Fuel Bond?
In a study conducted by the University of Chicago, it showed that 93% of economists favored petrol tax over fuel-economy standard. For these economists, a petrol tax possesses all the benefits of a fuel-economy standard without being afflicted by its flaws. A tax persuades users to opt for a greener car, particularly those users who drive and contaminate the environment a lot. Similarly, heightened demand for fuel economy pushes manufacturers to invest in new technologies. A fuel tax does not depend on questionable testing nor does it generate misrepresented excuses. Besides all that, a tax prods drivers of all cars, whether newly purchased and relatively used, to drive less and save on fuel. Most important of all, a tax increases revenue which can be creatively employed to lessen income taxes or supply refunds to those who are strongly affected by the policy.
However, the ostensible advantages of a fuel tax can be a source of fraud and corruption. It can create an opportunity for fuel merchants and dealers to deceive and take advantage of gullible fuel consumers, thus, the necessity of a Taxable Fuel Bond.
The Hawaii Taxable Fuel Bond is an irrefutable service contract demonstrating the taxable fuel users’/registrants’ willingness to conform to all tax obligations payable to the government about the activities of retailing, mixing, and distributing fuel. This serves as security that shields the State of Hawaii and the community from fuel merchants and retailers who engage in fraudulent activities or conduct themselves in an unethical manner and try to renege from paying their taxes, charges, and fines.
Why do you need a Hawaii Taxable Fuel Bond?
You need the Hawaii Taxable Fuel Bond because your venture is critical to you and you consider your trade as central to the economy. The bond can serve as an excellent marketing tool for you to stand out among your peers and within the industry. With this bond, your clients and other stakeholders will look at you as an entrepreneur of dependability, someone who can be trusted, and a true professional.
More details about the Hawaii Taxable Fuel Bond
Before getting bonded, applicants must know that the amount of their bond will never be higher than the amount that is equal to their –
- Estimated tax obligation for a typical 6-month period
- Projected tax accountability of somebody other than the terminal operator during an average 1-month period (unique to terminal operators)
- The gasohol bond sum (specific to gasohol blenders)
What is the cost of the Hawaii Taxable Fuel Bond?
There is no pre-set amount for this bond and is highly reliant on the registrant’s financial capacity and potential and tax payments history. This means that the bond amount is specific to each applicant.
How do I get a Hawaii Taxable Fuel Bond?
Getting the Hawaii Taxable Fuel Bond is effortless. Choose a reliable surety company that you know can serve your specific needs, can address your concerns without delay, and can respond to whatever challenges you will encounter in the process. Call them ASAP! An experienced surety professional can provide you the answers to concerns you have in the operation of your business.