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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Figure 1 illustrates a broad variation of corporate tax rates across countries at different levels of development.
The proposal comes as a shock as it wasn't tabled as part of the upcoming tax reform, neither has there been any previous mention of changing the corporate tax rate.
They said the proposed corporate tax hike is not intended as a fiscal measure, given that the government is operating with a balanced budget.
British territories and dependencies made up the four of the top 10 countries that have done the most to "proliferate corporate tax avoidance" on the Corporate Tax Haven Index.
Other countries with higher than average corporate tax rates include India-35 percent, Venezuela-34 per cent, Brazil-34 per cent and Japan- 30.86 per cent.
The Supreme Court of South Korea on Wednesday ruled against plaintiff Samsung Electronics, ending the five-year litigation filed by the tech giant in 2013 challenging tax authorities' decision to hold it responsible for 70.6 billion won in corporate tax.
At 30 percent of gross income, the Philippines has the highest corporate tax rate in the region.
'It will help build a more equitable, efficient, and transparent corporate tax system with a lower corporate income tax rate for everyone and a clearer focus on the country's development priorities,' Rhee added.
'It is often argued that the corporate tax rate in Bangladesh is high.
In her analysis accompanying the news report, Alberici said there was no case for a corporate tax cut when one in five companies did not pay tax.
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.
Small banks in Ghana are apprehensive about a new corporate tax, which they feel would reduce their profits.

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