backup withholding Meaning in the Cambridge English Dictionary
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Meaning of “backup withholding” in the English Dictionary

"backup withholding" in Business English

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backup withholdingnoun [U]

uk   us  
TAX in the US, a ​system in which the ​tax on the ​income from some ​types of ​investment is ​sent directly to the ​taxauthority, for ​example when a ​bank does not have all the ​information it ​needs about the ​personpaying the ​tax: Under the ​backupwithholdingrules, the ​business or ​bank must ​withhold on a ​payment if the ​payee did not ​provide a ​taxpayeridentificationnumber.
(Definition of backup withholding from the Cambridge Business English Dictionary © Cambridge University Press)
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