Corporate Tax

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Corporate Tax

A tax levied on corporations' profits. Because corporations are legal entities separate from their owners, they may be taxed as if they were persons. A corporate tax, then, is the equivalent of the income tax for natural persons. Corporate taxes vary from country to country; in the United States, they are levied at both the federal and state levels. Proponents of the corporate tax argue it guards against excessive profits that may result from unethical or illegal corporate practices, while opponents say that corporations simply pass on the tax to their customers.
References in periodicals archive ?
The total tax paid by companies will not change, but from 1 January 2014 companies with turnover of $1 billion or more will be required to remit their Pay As You Go (PAYG) company tax instalments monthly, not quarterly.
He said, "Far too many businesses are failing to file their company tax and VAT returns on time and to pay what they owe by the due date.
And he accused the Chancellor of constant tinkering with the small company tax rate which left companies unable to plan for the future.
It might also impose other substantial changes on a corporation and its tax department, including (1) defining certain substantive transactional boundaries, (2) requiring, as the KPMG agreement, increased standards for reporting positions on company tax returns, (3) restructuring the tax compliance process, including, perhaps, specific personnel changes, (4) providing for increased oversight within the company of the tax compliance functions, and (5) directing the appointment of an outside monitor to supervise tax compliance procedures over a fixed period of time.
The company tax rate in Sweden was reduced in 1994 to 28 percent, a relatively low rate compared to other countries.
Nowak also handles mergers and acquisitions, corporate and regulated investment company tax work and other corporate matters.
On May 30, 2003, Tax Executives Institute submitted the following comments to the European Commission Directorate-General, Taxation and Customs Union Tax Policy on the use of the International Accounting Standards (IAS) for company tax purposes in the European Union (EU).
Because the provision misapprehends the CEO's role in the preparation of company tax returns and could adversely affect tax administration, TEI recommends that it be abandoned.
The tax executive responsible for the company's income tax return may very well conclude that since some third-party licenses call for royalties of 5 percent, the company tax return can be filed on that basis.
LONDON -- The UK government's proposal to make the use of eXtensible Business Reporting Language (XBRL) mandatory for company tax filing from March 2010 is a sensible and prudent step which will bring benefits for both companies and government, the UK arm of the XBRL International consortium said today.
Members of TEI who sign their company tax returns take their obligations to file correct tax returns seriously?
LONDON -- The launch of a service for company tax filings in eXtensible Business Reporting Language (XBRL) by HM Revenue and Customs is an important step towards general regulatory filing of financial data in this new electronic language, the UK arm of the international XBRL consortium said today.