Corporate Tax

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Related to Corporate Income Tax: Personal income tax

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.
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References in periodicals archive ?
Should the corporate income tax be reserved for exclusive use by the federal government?
As a result, TEI recommends that the Standing Committee continue to review and monitor the competitiveness of the Canadian corporate income tax system, especially corporate tax rates, to ensure that Canada remains an attractive environment for business investments.
Almost 88 percent paid $10,000 or less in income tax; meanwhile, approximately 2.5 percent (1,000 corporations) paid almost 80 percent of the total corporate income tax liability (see Figure 2).
We are lowering the corporate income tax. That will cushion the effect of removing the incentives of those companies which for so long enjoy the incentives but no inputs to exports and labor,' he said.
'With the tax incentives rationalized and the tax base expanded, the corporate income tax rate will now be reduced in order to alleviate the burden of majority of the business community-notably the micro-small, and medium-size enterprises, who pay the regular 30- percent income tax rate,' he added.
05 ( ANI ): Amid the numerous debates regarding the reduction of corporate income tax, Finance Minister Arun Jaitley said it would be possible only when exemptions phase out.
The new corporate income tax of 21 percent in the U.S., lowered from 35 percent, is higher than Taiwan's, while additionally 44 states in the country also levy a corporate income tax, ranging from 3 percent to 12 percent, Wu said.
November corporate income tax collections amounted to $83.8 million, an increase of $77.2 million from year-earlier levels, and $1.9 million or 2.3 percent above forecast.
Michigan adopted the SBT in 1975, as a replacement for several taxes--Michigan Corporate Income Tax, the Corporate Franchise Fee (which was based on corporate net worth), the Financial Institutions Income Tax, the Savings and Loan Association Privilege Fee, the Domestic Insurance Company Privilege Fee, local government property taxes on business inventories, and the State Intangibles Tax on business.
AICPA's Corporate Income Tax Returns Workshop, 2005
Oregon's corporate income tax rate has dropped steadily for 33 years, and the state's rate is now dead last nationwide, Sorenson said.

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