What is an Idaho Cigarette Tax Bond?
Attributing to approximately 90% of worldwide tobacco sales, the cigarette is one of the most popular forms of tobacco today. At present, the global cigarette market represents a multi-billion dollar market with overall profits reaching US$ 816 billion in 2016 alone. Notwithstanding the plummeting sales volumes in developed markets as an outcome of the heightened awareness of the destructive impacts of cigarette smoking, manufacturers have been able to boost value growth.
Owing to this increased volume of sales regardless of people’s awareness of its detrimental upshots to the human body/health, there is more reason for business owners to prove to the general public and the state government their sincerity in their business operations. Such sincerity can be manifested in one piece of paper, the Cigarette Tax Bond.
The Idaho Cigarette Tax Bond (a.k.a Tobacco Tax Bond and Tobacco Bond), is a requirement of the Idaho State Tax Commission directed to all tobacco distributors and cigarette manufacturers, wholesalers, and importers in an amount equal to two times the projected average tax for the preceding fiscal period. The bond is a watertight guarantee which assures that tobacco distributors and cigarette manufacturers, wholesalers, and importers within the State of Idaho will conform to all laws and policies concerning the regulation of tobacco. It is also a financial guarantee that safeguards the government from erroneous records of sale or inability to pay obligatory taxes from previous income.
Why do you need an Idaho Cigarette Tax Bond?
You need the Idaho Cigarette Bond because you want to be viewed as a respectable business owner who knows how to observe governmental controls and who knows how to look after the welfare of the consuming public. Owning this bond can make your business appealing to potential partners and the general public as this bond offers you an image of reliability and clout.
How much does an Idaho Cigarette Tax Bond cost?
The Idaho Cigarette Tax Bond must be secured before the commencement of business operations. Premium payments will be determined by your credit score and financial history. Likewise, your profile including your reputation as a member of the community will be strong factors in the decision of how much the premium amount will be for this bond.
For the bond to be truly up to standard, it is your duty to see to it that the information provided on your bond application is precise and accurate. You have to be certain that the name of your organization is clearly written and such a business name can be found on your license.
How do I get an Idaho Cigarette Tax Bond?
Getting an Idaho Cigarette Tax Bond is simple. Choose a genuine surety professional that is authorized to operate within the state of Idaho and immediately give them a call! An expert surety professional can readily provide you the answers you need and the solution to whatever concerns you have in the operation of your business.