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NL888 Posted 12 years ago
Grammar
Withhold a share of many types of payments?
What does "withhold a share of many types of payments to any institutions " mean?
There are many problems for me to understand it.
1) Does "withhold" mean "refrain from"?
2) Does "a share" refer to "a part of (payments) that the institutions (or any one of the institutions) share"?
3) Why do the institutions get payments?
Context:
The two countries agreed on the terms, but are scrutinizing the fine print
before officially signing it. The move helps the U.S. government's effort to
put the complex regulatory plan into practice while avoiding disruptions in
commercial transactions with other major economies.
The law requires foreign banks to start turning over information about U.S.-
owned accounts to the Internal Revenue Service. It would force banks around
the world to withhold a share of many types of payments to any institutions
that aren't in compliance with the law, the Foreign Account Tax Compliance
Act, or Fatca.
There are many problems for me to understand it.
1) Does "withhold" mean "refrain from"?
2) Does "a share" refer to "a part of (payments) that the institutions (or any one of the institutions) share"?
3) Why do the institutions get payments?
Context:
The two countries agreed on the terms, but are scrutinizing the fine print
before officially signing it. The move helps the U.S. government's effort to
put the complex regulatory plan into practice while avoiding disruptions in
commercial transactions with other major economies.
The law requires foreign banks to start turning over information about U.S.-
owned accounts to the Internal Revenue Service. It would force banks around
the world to withhold a share of many types of payments to any institutions
that aren't in compliance with the law, the Foreign Account Tax Compliance
Act, or Fatca.
Top answer
NL888 1) Does "withhold" mean "refrain from"? No, 'retain (for withholding tax purposes)'. NL888 2) Does "a share" refer to "a part of (payments) that the institutions (or any one of the institutions) share"?
- NL888 1) Does "withhold" mean "refrain from"?
- No, 'retain (for withholding tax purposes)'.
- NL888 2) Does "a share" refer to "a part of (payments) that the institutions (or any one of the institutions) share"?
- Yes, part of the payments.
- The institutions aren't sharing any, though.
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3 Answers
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NL8881) Does "withhold" mean "refrain from"?No, 'retain (for withholding tax purposes)'.
NL8882) Does "a share" refer to "a part of (payments) that the institutions (or any one of the institutions) share"?Yes, part of the payments. The institutions aren't sharing any, though.
NL8883) Why do the ins
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Thanks.
But failed to understand 'retain (for withholding tax purposes)'.
My dict tells me that retain means "hold within". Does 'retain (for withholding tax purposes)' mean "hold within tax purposes"?
But failed to understand 'retain (for withholding tax purposes)'.
My dict tells me that retain means "hold within". Does 'retain (for withholding tax purposes)' mean "hold within tax purposes"?
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The bank keeps some of the money for taxes; it doesn't let the customer have all the money.
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