Oklahoma Administrative Code
Title 710 - Oklahoma Tax Commission
Chapter 65 - Sales and Use Tax
Subchapter 9 - Permits
Section 710:65-9-2 - Commission may require security from vendor
Universal Citation: OK Admin Code 710:65-9-2
Current through Vol. 42, No. 1, September 16, 2024
(a) In order to assure payment of the sales tax due, the Commission may require that sufficient security be deposited with the Commission.
(1) When required, security
may be in the form of:
(A) corporate surety
bond furnished by a surety licensed to do business in Oklahoma,
(B) United States savings or Treasury bonds
so registered that the proceeds will be made available to the Commission in the
event that the necessity of recovering unpaid taxes arises,
(C) cash, or
(D) in any other form agreed upon by the
Commission and the person required to remit the tax.
(2) The amount of security furnished by Group
One Vendors who become delinquent shall not be more than three times the
average quarterly liability. The Commission, from time to time, may increase or
decrease the amount of security but in no event shall such increase result in
total security in excess of the limitation stated in this paragraph.
(b) The Commission may remove the permit of any vendor who fails to furnish bond or security within ten (10) days after the mailing of the notice requiring same. [See: 68 O.S. § 1368 ]
Amended at 11 Ok Reg 3521, eff 6-26-94
Disclaimer: These regulations may not be the most recent version. Oklahoma may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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