The Alaska Fisheries Business Tax is levied on persons who process or export fisheries’ resources from Alaska. The tax is based on the price paid to commercial fishers or fair market value when there is not an “arms’ length transaction”. Fisheries business tax is collected primarily from licensed processors and persons who export fish from Alaska. The Alaska Fisheries Business Tax Surety Bond is required to ensure that the taxes are paid to the state. The bond amount is set at twice the estimated tax amount.
What is the Purpose of an Alaska Fisheries Business Tax Surety Bond?
This surety bond protects the obligee which in this case is the state of Alaska from financial losses which may be the result of unethical business practices or a violation of any of the rules and regulations of the state. For the Alaska Fisheries Business Tax surety bond, the state wants to assure that you will pay all the necessary fees, taxes, penalties, and interest that you owe the state. You will not be able to get a license to operate as a fisheries business without having a surety bond. You can apply for a license through Revenue Online.
How is the fisheries business tax calculated?
The fisheries business tax is based on the price paid to the fishermen for the unprocessed fisheries resource. Direct marketers, catcher processors, buyer exporters and licensed companies having someone custom process on their behalf must use market value to calculate the tax. The tax rate on the aggregate unprocessed value depends upon the type of processing activity and whether the resource is designated as an established or developing species by the Department of Fish & Game.
The tax rates are as follows:
Where can I get an Alaska Fisheries Business Tax Surety Bond?
This bond is easy to obtain. Simply complete our easy to use, online application, and within 1 business day a friendly agent will contact you with a firm quote. Then you sign some paperwork, make payment and your bond will be shipped to you via USPS priority mail. Overnight shipping is also available.
Our company, Surety Solutions Insurance Services, Inc (Surety1) has been in the business since 2003, and is licensed in all 50 states. The company maintains an A+ rating by the Better Business Bureau and represents over a dozen, “A” rated surety bond companies.
Friendly agents available to answer your questions.