Corporate Tax

(redirected from Company 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 ?
To encourage greater levels of investment, were asking New Zealanders whether we should accelerate depreciation for business assets and whether the company tax rate is becoming uncompetitive.
Nobody much likes taxes, but company taxes are the ugliest sister in an unattractive family.
She warned that a major company tax cut would "blow a massive hole in the government's revenues and push the budget and national debt further into the red."
Tim Scott, R-S.C., a former insurance agent who was a member of the National Association of Insurance and Financial Advisors, has proposed a package of life insurance company tax changes in the Senate Finance Committee, and Sen.
Jordon refused taking names of these companies and said that full public disclosure of company tax payments is not the answer and added that it is up to the government to decide launching an inquiry, the report added.
In her budget presentation to Parliament last Tuesday, Finance Minister Saara Kuungongelwa-Amadhila announced proposals for a reduction in non-mining company tax from the current rate of 34% to 32% in the next two financial years.
Lamaris said that what AKEL saw "as the basis for a discussion" was "an extraordinary tax -- not an increase in company tax, but a supplementary tax on company profits, in a way that would spread the burden of facing up to the economic crisis".
An overwhelming 85 per cent of VAT returns and between 77 per cent and 79 per cent of Company Tax returns are submitted on time.
How can the EU make corporate law and company tax law work for internal and external investment?
The internal controls requirements of the Sarbanes-Oxley Act of 2002, combined with the Financial Accounting Standards Board's (FASB's) new guidance in respect of the accounting for income taxes, fundamentally alter the environment for public company tax and accounting functions.
According to Mr Steinbruck, the problem needs to be "discussed seriously and a solution found" emphasising the need to implement company tax harmonisation as soon as possible.
THE Treasury is changing UK company tax law to comply with a landmark European court ruling yesterday.