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A corporate tax, also called corporation tax or company tax, is a type of direct tax levied on the income or capital of corporations and other similar legal entities. The tax is usually imposed at the national level, but it may also be imposed at state or local levels in some countries. Corporate taxes may be referred to as income tax or capital tax, depending on the nature of the tax.
The purpose of corporate tax is to generate revenue for the government by taxing the profits earned by corporations. The tax rate varies from country to country and is usually calculated as a percentage of the corporation's net income or capital. Corporate tax rates may also differ for domestic and foreign corporations.
Many countries have tax laws that require corporations to pay taxes on their worldwide income, regardless of where the income is earned. However, some countries have territorial tax systems, which only require corporations to pay taxes on income earned within the country's borders.
A country's corporate tax may apply to:
corporations incorporated in the country,
corporations doing business in the country on income from that country,
foreign corporations who have a permanent establishment in the country, or
corporations deemed to be resident for tax purposes in the country.
Company income subject to tax is often determined much like taxable income for individual taxpayers. Generally, the tax is imposed on net profits. In some jurisdictions, rules for taxing companies may differ significantly from rules for taxing individuals. Certain corporate acts or types of entities may be exempt from tax.
The incidence of corporate taxation is a subject of significant debate among economists and policymakers. Evidence suggests that some portion of the corporate tax falls on owners of capital, workers, and shareholders, but the ultimate incidence of the tax is an unresolved question.[1]
^Auerbach, Alan J. (January 2006). "Who Bears the Corporate Tax? A Review of What We Know". Tax Policy and the Economy. 20: 1–40. doi:10.1086/tpe.20.20061903. ISSN 0892-8649. S2CID 6156389.
A corporatetax, also called corporation tax or company tax, is a type of direct tax levied on the income or capital of corporations and other similar...
Corporatetax is imposed in the United States at the federal, most state, and some local levels on the income of entities treated for tax purposes as...
Corporate haven, corporatetax haven, or multinational tax haven is used to describe a jurisdiction that multinational corporations find attractive for...
types of taxes: corporatetax, individual income tax, and sales tax, including VAT and GST and capital gains tax, but does not list wealth tax or inheritance...
tax is self assessed, and individual and corporate taxpayers in all states imposing an income tax must file tax returns in each year their income exceeds...
A tax inversion or corporatetax inversion is a form of tax avoidance where a corporation restructures so that the current parent is replaced by a foreign...
Tax evasion is an illegal attempt to defeat the imposition of taxes by individuals, corporations, trusts, and others. Tax evasion often entails the deliberate...
global minimum corporatetax rate, or simply the global minimum tax (abbreviated GMCT or GMCTR), is a minimum rate of tax on corporate income internationally...
traditional tax havens and major corporatetax havens. Corporatetax havens often serve as "conduits" to traditional tax havens. Use of tax havens results...
in Lithuania are taxed as a general taxable income, therefore personal income tax or corporate income tax apply. As of 2021, 15% tax rate is applied for...
TCJA, notably including individual income tax cuts, are scheduled to expire in 2025; however, its corporatetax cuts are permanent. The CBO estimated that...
are within the law. A tax shelter is one type of tax avoidance, and tax havens are jurisdictions that facilitate reduced taxes. Tax avoidance should not...
Corporate welfare is a phrase used to describe a government's bestowal of money grants, tax breaks, or other special favorable treatment for corporations...
potential tax rates around Europe for certain income brackets. It is focused on three types of taxes: corporate, individual, and value added taxes (VAT)....
the £ symbol refer to the Pound sterling. Corporation tax in the United Kingdom is a corporatetax levied in on the profits made by UK-resident companies...
personal income taxes than it did from corporate income taxes. Tax collection agreements enable different governments to levy taxes through a single...
scale taxes are progressive based on brackets of annual income amounts. Most countries charge a tax on an individual's income as well as on corporate income...
skilled workforce. The Netherlands has a large network of tax treaties, a low corporate income tax rate and a full participation exemption for capital gains...
Retrieved 29 March 2018. "Reducing the corporatetax rate". Australian Taxation Office. 4 July 2017. "Changes to company tax rates". Australian Taxation Office...
Corporatetaxes in Canada are regulated at the federal level by the Canada Revenue Agency (CRA). As of January 1, 2019 the "net tax rate after the general...
Entrate). Total tax revenue in 2018 was 42.4% of GDP. The main earnings are income tax, social security, corporatetax and value added tax. All of these...
debts. Switzerland has a "classical" corporatetax system in which a corporation and its owners or shareholders are taxed individually, causing economic double...
tax on profit income and on capital. These make up a relatively small portion of total tax revenue. Tax is paid on corporate income at the corporate level...
duties (12% of ETR). Corporation taxes (16% of ETR) represents most of the balance (to 95% of ETR), but Ireland's CorporateTax System (CT) is a central part...
added tax, corporate income tax, and excise taxes. Some emirates levy property, transfer, excise and tourism taxes. Some emirates also charge corporate taxes...
Income taxes are taxes on the supply of labor (if the income is wages) or capital (if the income is dividends, for example). Corporate income tax incidence...
usually known as corporatetax and is commonly levied at a flat rate. Individual income is often taxed at progressive rates where the tax rate applied to...
the following: Corporate income tax credit Property tax abatement Sales tax exemption Payroll tax refund In Armenia, corporate income tax incentive is available...
Ireland has been labelled as a tax haven or corporatetax haven in multiple financial reports, an allegation which the state has rejected in response....
and services. The tax law imposes income tax at 25 percent on listed entities and 32.5 percent for non-listed entities. Corporatetax rate changes announced...
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