Remittance To Government
Most systems require that taxes withheld must be remitted within specified time limits, which time limits may vary with the total amount so held in trust. Remittance by electronic funds transfer is often required.
Penalties for failure to remit withheld taxes to the government can be severe. Some such penalties are increased for longer periods of nonremittance.
Read more about this topic: Withholding Tax
Famous quotes containing the word government:
“Nor the tame will, nor timid brain,
Nor heavy knitting of the brow
Bred that fierce tooth and cleanly limb
And threw him up to laugh on the bough;
No government appointed him.”
—William Butler Yeats (1865–1939)