advance corporation tax

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Advance Corporation Tax

In the United Kingdom, a former withholding tax made on dividends. That is, corporations were required to pay the advance corporation tax on dividends before they were paid to shareholders so that the shareholders themselves were not responsible for paying any taxes. Dividends paid to pensions or some other tax-exempt investment vehicles may have had the advance corporation tax refunded later. The tax was rescinded in 1999.

advance corporation tax (ACT)

References in periodicals archive ?
And legally very important, why was the trust given an advance tax ruling of any kind?
Talking to media after the meeting, All Pakistan LPG Distributors Association Chairman Irfan Khokhar said LPG imports would be suspended from the start of February if the regulatory duty and advance tax were not taken back.
Commenting on the advance tax figures, Alex Mathews said, " Construction activity suffered the most due to unseasonal rains during the quarter- ending December, affecting cement and steel offtake.
A section 231AA has been added in the Income Tax Ordinance, 2001 through amended finance bill 2010 under which scope of the advance tax on cash transactions in banks has been explained in detail.
While talking to journalists after meeting along with importers of LPG, chairman All Pakistan LPG Distributors Association Irfan Khokhar said that imports of LPG would be suspended from February 1 if government does not withdraw regulatory duty and advance tax on LPG imports.
Every prescribed person shall collect advance tax at the rate of five percent on the total amount of the bill from a person arranging or holding a function in a marriage hall, marquee, hotel, restaurant, commercial lawn, club, a community place or any other place used for such purpose," states a notification issued by the FBR.
Even housing finance companies such as HDFC, LIC Housing Finance and GIC Housing Finance have registered good growth in advance tax payments," said Deven Choksey, managing director of KR Choksey Shares and Securities.
A taxpayer who is liable to discharge part of its tax liability by way of advance tax has to bear additional burden of interest for default of advance tax, in case total advance tax paid for the year falls short of the assessed tax by ten percent or more.
He said that every motor vehicle registering authority of Excise and Taxation Department is collecting advance tax at the time of registration of a motor vehicle, at the rates specified in Division VII of Part IV of the First Schedule.
The corporates would be paying the second installment of advance tax and individuals their first installment of advance tax by September 15.
The RBI had said that the measure was aimed at reducing the liquidity deficit (which) is expected to increase significantly during the second week of March on account of advance tax outflows and the usual frontloading of cash balances by banks with the Reserve Bank.