corporation tax

(redirected from Corporate tax)
Also found in: Dictionary, Legal, Financial, Wikipedia.

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 That tax was superseded by a corporation income taxincome tax,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.
..... Click the link for more information.
 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
..... Click the link for more information.
 has generally been imposed only during wartime.


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 ?
The MOF has not yet revealed details of the proposed corporate tax or VAT rates, or the extent of their coverage.
BUSINESS and finance adviser Grant Thornton has boosted its growing corporate tax team in Birmingham with the promotion of John Foskett to director.
The Thomson Reuters Corporate Tax Department Pulse Survey gauged the opinions of corporate tax professionals -- from analysts to CEOs C on issues such as U.
BUSINESS and finance adviser Grant Thornton's corporate tax team in Birmingham has grown with the promotion of John Foskett to director.
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.
European nations are not the only ones reducing corporate tax rates.
107) For an alternative corporate tax reform that would eliminate
For more information on ONESOURCE Corporate Tax UK visit: www.
Alternatively, abolishing the corporate tax exemption only for publicly owned companies provided that all economic activities currently carried out by the public administration are hived off into (publicly owned) companies subject to corporate tax.
President Barack Obama has proposed a lower corporate tax rate and an end to dozens of loopholes he said helps US companies move jobs and profits overseas.
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.
Many of the corporate tax trends seen elsewhere in the world are not necessarily applicable in the Gulf, where we are seeing tax rates continue to fall," said KPMG's head of International Tax for the Middle East & South Asia Region Philip Marwood.

Full browser ?