sostituto

English translation: withholding agent

GLOSSARY ENTRY (DERIVED FROM QUESTION BELOW)
Italian term or phrase:sostituto
English translation:withholding agent
Entered by: volgil

18:58 Aug 16, 2016
Italian to English translations [PRO]
Law/Patents - Law: Taxation & Customs / Tax law
Italian term or phrase: sostituto
Hi, how is sostituto translated below? Again withholding agent? The withholding agent has to exercise its claim against the withholding agent??Thanks in advance
In base al disposto normative di cui al art.6 del DPR 600/73, il sostituto deve esercitare la rivalso nei confronti del sostituito, tranne che sia diversamente stabilito dalla legge, recuperando in tal modo nei confronti di questo, le somme che per suo conto ha pagato o pagherà all’Erario.
volgil
Local time: 11:20
withholding agent
Explanation:
actually it is referring to two DIFFERENT parties: the sostituto and the sostituIto: il sostiTUTO deve esercitare la rivalsa nei confronti del sostiTUITO:
The first is the withholding agent
the second is the taxpayer in this case (who is replaced by the withholding agent in payment of tax)
http://fiscalismi.blogspot.co.uk/2014/02/la-responsabilita-s...
Selected response from:

Linda Thody
United Kingdom
Local time: 10:20
Grading comment
Thank you
4 KudoZ points were awarded for this answer



Summary of answers provided
3 +1withholding agent
Linda Thody
3third-party withholder
Adrian MM. (X)


  

Answers


1 hr   confidence: Answerer confidence 3/5Answerer confidence 3/5
third-party withholder


Explanation:
Question posted twice, it seems.

I agree with 'withholding agent', whilst reckon that, de novo, a third-party prefix put across the 'surrogate' idea (without repeating the legendary Rock Group joke of 'Substitute').

Rings bells from all of 40 years ago - see the 2nd web ref. - of interest paid or credited without deduction of UK income tax, but too incongruous to elaborate on.

Example sentence(s):
  • 1. A tax withholding obligation is generally imposed on a buyer or other transferee (withholding agent) when a United States real property interest is acquired from a foreign person. This withholding serves to collect the tax that may be owed.

    Reference: http://https://sapbr.com/2015/01/27/tax-substitution-icms-st...
    Reference: http://www.legislation.gov.uk/ukpga/1970/9/section/17/enacte...
Adrian MM. (X)
Local time: 11:20
Specializes in field
Native speaker of: Native in EnglishEnglish
PRO pts in category: 12
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16 hrs   confidence: Answerer confidence 3/5Answerer confidence 3/5 peer agreement (net): +1
withholding agent


Explanation:
actually it is referring to two DIFFERENT parties: the sostituto and the sostituIto: il sostiTUTO deve esercitare la rivalsa nei confronti del sostiTUITO:
The first is the withholding agent
the second is the taxpayer in this case (who is replaced by the withholding agent in payment of tax)
http://fiscalismi.blogspot.co.uk/2014/02/la-responsabilita-s...

Linda Thody
United Kingdom
Local time: 10:20
Specializes in field
Native speaker of: Native in EnglishEnglish
PRO pts in category: 16
Grading comment
Thank you

Peer comments on this answer (and responses from the answerer)
agree  James (Jim) Davis: Plain and simple Linda
6 days
  -> Thanks again Jim!
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