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Corporation Tax was charged at a uniform rate on all profits, but additional tax was then payable if profits were distributed as a dividend to shareholders. In effect, dividends suffered double taxation. This method of corporation tax is known as the classical system and is similar to that used in the United States.
The Corporation Tax Act 2010 (c.4) is an Act of the Parliament of the United Kingdom that received Royal Assent on 3 March 2010.. It was first presented (first reading) in the House of Commons on 19 November 2009 and received its third reading on 4 February 2010. [2]
The Corporation Tax Act 2009 (c 4) is an Act of the Parliament of the United Kingdom. It restated certain legislation relating to corporation tax , with minor changes that were mainly intended "to clarify existing provisions, make them consistent or bring the law into line with well established practice."
Corporation tax is a tax levied in the United Kingdom on the profits made by companies and on the profits of permanent establishments of non-UK resident companies and associations that trade in the EU. Corporation tax forms the fourth-largest source of government revenue (after income, NIC, and VAT).
Tax jurisdiction Corporate tax (excl. dividend taxes) Individual income tax VAT or GST or Sales tax Capital gains tax [1] Inheritance/Estate Tax Further reading Lowest marginal rate Highest marginal rate Afghanistan: 20% [2] 0% [3] 20% [3] 0% [4] However, in Taliban run areas pre-Taliban rule, small fees were illegally added to some groceries. [5]
A corporate tax is a tax imposed on the net profit of a corporation that is taxed at the entity level in a particular jurisdiction. Net profit for corporate tax is generally the financial statement net profit with modifications, and may be defined in great detail within each country's tax system. Such taxes may include income or other taxes.
Since the enactment of 2010's Corporation Tax Act (CTA 2010) in March 2010, the profits of a company of an accounting period on which corporation tax is chargeable has been defined as the company's "taxable total profits" of the period (section 4(2) CTA 2010), which is frequently abbreviated to TTP.
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