corporation tax

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corporation tax,

imposts levied by federal, state, or local governments against corporations, their income, or their peculiar attributes, such as charters, capitalization, dividends, and franchises. In the United States such taxes were brought about by the difficulty of taxing corporate bonds and stocks and by the growth of corporations beyond state bounds, with consequent difficulty of assessment and taxation. Such special state corporation taxes now include fees and licenses for incorporation or for an increase in capitalization or for filing the corporation's charter in another state; taxes on gross earnings; taxes on tonnage and financial instruments or transactions; franchise taxes; capital stock taxes; and net income taxes. In 1909 the federal government imposed an excise tax on net incomes of U.S. corporations. That tax was superseded by a corporation income taxincome tax,
assessment levied upon individual or corporate incomes. Although personal incomes were occasionally taxed in medieval Italian cities, the income tax is essentially a modern form of taxation.
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 after the Sixteenth Amendment (1913). In Great Britain in 1920 a tax was levied on corporations, including foreign companies of limited liability doing business in Great Britain, but exempting the profits of corporations receiving income from other corporations already taxed. In both the United States and Great Britain, excess profits taxexcess profits tax,
levy on any profit above a standard level. Chiefly a wartime phenomenon, it is intended to increase revenue during periods of distress and to prevent businessmen from taking unfair advantage of the increased government spending and consumer demand that
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 has generally been imposed only during wartime.

Bibliography

See S. Réamonn, The Philosophy of the Corporate Tax (1970); H. Nurnburg, Cash Movements Analysis of the Accounting for Corporate Income Taxes (1971).

References in periodicals archive ?
Overall, changes in state tax bases have made the state corporate tax system more generous towards corporations, and are reducing the extent to which tax rate increases raise corporate tax revenue," wrote Suarez Serrato, along with his co-author Owen Zidar, an assistant professor at the University of Chicago Booth's School of Business.
Discussions on a federal corporate tax regime have been ongoing since 2005, with the IMF and World Bank trying to persuade Gulf nations to reduce subsidies and find other sources of revenue.
David Hillan, head of corporate tax in Birmingham, said: "Over recent years the corporate tax team has undertaken a large number of assignments with a wide variety of clients across many business sectors.
Assessment of dependence tightness between values of the effective corporate tax rates and values of the statutory corporate tax rates.
The corporate tax cut is seen as a key issue to be included in a package of broad fiscal and economic policies, which will be finalised around June 27 along with a detailed "growth strategy" of structural reforms.
Obama's election-year plan would set a new 28 per cent corporate tax rate, still higher than the 25pc rate sought by congressional Republicans.
It also mentions a proposal for the introduction of the Common Consolidated Corporate Tax Base (CCCTB).
The declines and reforms are welcome, but should not obscure the fact that the state's corporate tax rate still ranks among the 10 highest in the nation.
Reiterating the need to lower corporate taxes as a means to boost Japanese companies' international competitiveness, Kan said that even if the corporate tax rate declines, tax revenue will be secured to some extent by a broadened tax base.
Although competitive pressures continue to drive corporate tax rates lower, any further cuts are likely to be paid for by wider restrictions on tax allowances and tighter enforcement.
MANAMA: Corporate tax rates in some GCC countries are falling this year, at a time when elsewhere in the world, government's are demanding more from businesses.
As the outcome for corporate tax revenues is expected to be very severe, it seems very difficult to achieve the projection,'' a Finance Ministry official told reporters.

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