What is an Oklahoma Taxable Fuel Bond?
Today, the American business landscape appears a lot more different than it did decades ago. The manner in which buyers make purchasing decisions has been radically modified. At present, while standing in retail outlets, they use their smartphones in comparing prices and assessing product reviews. Others instantaneously weigh in on shopping decisions through social media. And when they are ready to buy, a continuously growing list of online retail outlets deliver the products directly to them, in some cases, on the same day that the item was ordered.
Even in fuel retail outlets, the same thing is true. With the rush of technology and the increasing number of fuel outlets, dealers, and merchants, one needs a device that could differentiate him/her from the rest. This is where dealers and merchants need the Taxable Fuel Bond.
The Oklahoma Taxable Fuel Bond is an indisputable pledge demonstrating taxable fuel dealers’ and merchants’ readiness to conform to all tax obligations due to the government in relation to the activities of retailing, mixing, and distributing fuel. This likewise serves as security that shields the State of Oklahoma from fuel merchants and retailers who engage in deceitful activities or conduct themselves in a disreputable manner and renege from paying their taxes, charges, and fines.
Why do you need an Oklahoma Taxable Fuel Bond?
You need the Oklahoma Taxable Fuel Bond because your venture is very important 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 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 Oklahoma Taxable Fuel Bond
Since an Oklahoma Taxable Fuel Bond is mandated by a federal agency, the surety company that underwrites the bond must be an authorized company found on the list of the Department of Treasury Circular 570. Once the bond has been issued, it will remain enforceable and needs to be renewed every year provided that the registrant still wants to continue operations.
How much does an Oklahoma Taxable Fuel Bond cost?
There is no pre-set amount for the bond’s premium and is highly reliant on the registrant’s financial capacity, potential income, and tax payments history. This means that the bond amount is specific to each applicant.
The Oklahoma Taxable Fuel Bond’s total amount:
- shall be established by the commission and shall correspond to at least twice the projected normal tax accountability for a reporting period;
- may be increased or lessened by the commission at whatever time.
- will be waived if the commission is satisfied that the distributor has the financial capacity to meet the mandated amount;
- shall be a continuing instrument and shall cover the period unless discharged by the commission.
How do I get an Oklahoma Taxable Fuel Bond?
Getting an Oklahoma 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. Give them a call NOW!