corporation tax

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corporation tax

a tax on the worldwide profits of UK resident companies and on the profits of non-resident companies from trading operations in the UK. Profits are measured for accounting periods and include both income and capital profits. In broad terms, income is measured using income tax principles and capital profits are calculated using capital gains tax principles but with INDEXATION ALLOWANCE instead of TAPER RELIEF. The rates of corporation tax vary according to the level of profits and are set for each FINANCIAL YEAR ending on 31 March with the accounting period profits apportioned where that period does not end on that date. Special rules apply to groups of companies to permit losses of one group member to be surrendered to another and for capital assets to pass within the group without triggering a disposal for CAPITAL GAINS TAX.
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Gardner added: We know workers bear much of the burden of the corporate tax rate and lowering the corporate tax rate will lead to bigger paychecks for hardworking Coloradans.
As the average state corporate tax rate has essentially remained stagnant at between 6 and 7 percent from 1980 to 2012, state corporate tax revenues have fallen to an average of less than 3 percent of state gross domestic product from nearly 5 percent of state GDP over the same period, according to the study, published in the National Bureau of Economic Research this week.
Constantly debated over the last 10 years, the prospects of a federal corporate tax and value added tax in the UAE appear to be gaining momentum.
Since joining Grant Thornton from PwC three years ago Mr Foskett has played a significant role in growing the firm's corporate tax service to West Midlands-based businesses.
Since joining Grant Thornton from PwC three years ago Mr Foskett has helped to grow the firm's corporate tax service to Midlands businesses.
Comparison of their specific features and the appropriateness of using them in relation to statutory corporate tax rates,
Investors have been scrutinizing whether Japan can substantially lower the corporate tax rate - among the highest in the world - to spur growth in the world's third-largest economy, Reuters said.
The president wants to lower the US corporate tax rate from the current 35 per cent, the highest in the world after Japan.
A change to corporate tax rules could involve the EU setting a minimum corporate tax rate of more than the 10% charged by Bulgaria, and introduce a new harmonized tax system known as the Common Consolidated Corporate Tax Base (CCCTB).
The decline is part of a package of corporate tax reforms that the Patrick administration enacted in July 2008, which closed certain loopholes.
The remarks were also thought to be aimed at countering arguments that Kan's Democratic Party of Japan-led government is tilting toward doubling the 5 percent consumption tax rate to cover the revenue shortfall that would result from corporate tax cuts.
He said corporate tax for overseas companies was expected to fall from 35 per cent in Qatar to 10 per cent and in Kuwait from 55 per cent to 15 per cent.

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