English version

backup withholding

From Longman Business Dictionary
Related topics: Finance
backup withholdingˈbackup withˌholding noun [uncountable] FINANCE a system in the US in which banks and companies paying out investment earnings to people whose SOCIAL SECURITY numbers they do not have, send a percentage of the earnings directly to the tax authoritiesThe start of this backup withholding has been delayed, giving taxpayers more time to supply their numbers.
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