South Carolina § 12-8-560 Partial or total exemptions of classes of transactions; exemption for portion of transaction not taxable in State; waiver of withholding if compliance guaranteed and certain items given to department.

South Carolina Statutes

§ 12-8-560 — Partial or total exemptions of classes of transactions; exemption for portion of transaction not taxable in State; waiver of withholding if compliance guaranteed and certain items given to department.

South Carolina·Title 12 TAXATION·Ch. 8 INCOME TAX WITHHOLDING

(A)The department may partially or totally exempt classes of transactions from the provisions of Sections 12-8-530, 12-8-540, and 12-8-550, and may exempt the portion of any transaction which is not taxable in this State.

(B)Withholding required under Sections 12-8-540 and 12-8-550 may be waived by the department if the payee guarantees compliance with the provisions of Chapter 6 of this title and the requirements of a withholding agent under this chapter by furnishing the department with:

(1)a bond secured by an insurance company licensed by the South Carolina Department of Insurance;

(2)a deposit of securities which have been approved by the State Treasurer; or (3) cash which does not bear interest. The amount of the bond or deposit must be at least as much as the withholding otherwi

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(A) The department may partially or totally exempt classes of transactions from the provisions of Sections 12-8-530, 12-8-540, and 12-8-550, and may exempt the portion of any transaction which is not taxable in this State. (B) Withholding required under Sections 12-8-540 and 12-8-550 may be waived by the department if the payee guarantees compliance with the provisions of Chapter 6 of this title and the requirements of a withholding agent under this chapter by furnishing the department with: (1) a bond secured by an insurance company licensed by the South Carolina Department of Insurance; (2) a deposit of securities which have been approved by the State Treasurer; or (3) cash which does not bear interest. The amount of the bond or deposit must be at least as much as the withholding otherwise required under Sections 12-8-540 and 12-8-550.

South Carolina § 12-8-560 (Partial or total exemptions of classes of transactions; exemption for portion of transaction not taxable in State; waiver of withholding if compliance guaranteed and certain items given to department.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.