- corporate income tax
Tax imposed by public authorities on the incomes of corporations.Virtually all countries assess taxes on the net profits of corporations; most are flat-rate levies rather than extensively graduated taxes. A corporate income tax was adopted by the U.S. government in 1909; three-fourths of the states also levy corporate income taxes. See also capital gains tax; income tax.
* * *a tax imposed by public authorities on the incomes of corporations. See income tax.
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corporate income tax — ➔ income tax * * * corporate income tax UK US noun [U or C] US (UK corporation tax) ► TAX tax that a company has to pay on its profits: »This development led to a significant reduction in the amount of corporate income tax that was paid. »US… … Financial and business terms
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