What is a North Carolina Alcoholic Beverage and Wholesalers or Importers Tax Bond?
Find out why this surety bond matters to your industry and how to easily obtain one ASAP!
What is an Alcoholic Beverage and Wholesalers or Importers Tax Bond?
To ensure the prompt payment of taxes by the wholesaler and importer of alcoholic beverages (malt beverages and wine) in the State of North Carolina, the Department of Revenue obligates the said persons to submit a surety bond.
This is part of the requirements for the issuance of a wholesaler or importer of alcoholic beverages license as mandated by Section 105-113.86 of the North Carolina General Statutes.
The surety bond should be sufficient enough to cover the anticipated tax liability of the resident beer and/or wine wholesaler or importer license applicant.
What is the Alcoholic Beverage and Wholesalers or Importers Tax Bond amount?
The bond amount will vary per license applicant. This will be determined by the Department of Revenue of the State of North Carolina.
The bond amount will be equal to the resident beer and/or wine wholesaler or importer license applicant’s expected tax liability.
$5,000 – minimum bond amount
$50,000 – maximum bond amount
If you know your bond amount now and would like to find out what your bond premium will be, you may get your FREE SURETY BOND QUOTE from us HERE!
Those who have excellent credit scores will be eligible for a very low bond premium, or just 1% of the bond amount!
How can I get an Alcoholic Beverage and Wholesalers or Importers Tax Bond?
SEND US A BOND APPLICATION– We begin the bonding process with an application. You may send your application for this bond HERE!
UNDERWRITING– Once we have received your application, an underwriter will ask you to submit the following important requirements:
- Proof of your financial capability
- Your business’ history
- Your credit score
In order to avoid any delay, make sure that your requirements are complete prior to submitting them.
ISSUANCE– As soon as the underwriter has completed the necessary in-depth check, we will immediately issue the surety bond and send it to you!
What are the surety bond conditions?
- The surety bond should be executed by a North Carolina-authorized Surety
- The surety bond should be written on a form that is approved by the Department of Revenue of the State of North Carolina
- The State of North Carolina should be named as the Obligee of the surety bond
- The licensed wholesaler or importer of alcoholic beverages is obligated to comply with the provisions of Sections 105-113.68 through 105-113.89 of the North Carolina General Statutes as well as the rules and regulations of the Department of Revenue of the State of North Carolina
- If the licensed wholesaler or importer of alcoholic beverages violates any of the said provisions and rules, the Obligee will be eligible to file a claim against the surety bond