Corporate tax in the United States - Factbites
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Topic: Corporate tax in the United States

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In the News (Sat 25 May 19)

 Paul White - Orrick Bio
White is a regular speaker at conferences on UK tax issues and has published a number of papers on tax based financing in the United Kingdom.
He has also acted in relation to a variety of corporate joint venture arrangements, via partnerships and corporate vehicles; the tax efficient structuring of UK and non-UK corporate groups; and corporate mergers, acquisitions, disposals and restructurings.
White has a wide range of United Kingdom and international business taxation experience relating to companies and corporate partnerships, especially United Kingdom corporation tax and value added tax. /lawyers/Bio.asp?ID=147121   (238 words)

 United Kingdom: Corporation Tax Regime Changes Finalized - Deloitte Statsautoriseret Revisionsaktieselskab
The existing corporate tax regime for financial instruments, which applies primarily to currency and interest rate contracts, would be extended to cover all types of derivative contracts, including options, warrants, forwards, futures and contracts for differences.
The existing separate tax regime for foreign exchange gains and losses of companies is to be ended, and exchange gains and losses are to be taxed in accordance with the provisions relating to corporate debt and derivative contracts.
With respect to shares, unit trust schemes and corporate debt representing specified convertibles, exchangeables and asset-linked securities, the contracts would come within the derivative contracts regime if they are either dealt in as part of a trade or derivatives that form part of a scheme to produce either an interest like or guaranteed return. /dtt/article/0,2297,sid=9978&cid=20092,00.html   (1179 words)

 Article: What is corporate haven?
United States tax law makes these offshore corporate havens very unattractive to individual citizens, because U.S. citizens are taxed by the U.S. government on their world-wide income.
Corporate havens outside the United States include British crown colonies such as Bermuda and the Cayman Islands.
A corporate haven is a jurisdiction with laws friendly to corporations thereby encouraging them to choose that jurisdiction as a legal domicile. /article-what-is-corporate-haven   (1179 words)

 United Kingdom: Corporation Tax. Incorporate Limited Company United Kingdom. UK Companies Formation Service
Our corporate, tax and securities lawyers have extensive experience in the issues involved in all type of business entities, including corporations, private limited companies, public companies, limited liability companies, limited partnerships, general partnerships, limited liability partnerships and professional associations.
Members of our firm advise financial institution clients and their corporate counsel on a daily basis with respect to general lending issues including those relating to UK, Cyprus and Spain documentary stamp and intangible taxes, bankruptcy and creditors' rights, environmental concerns and problem loans.
The tax credit is equivalent to the basic rate of income tax on dividends. /s-A5-company-formation   (2160 words)

 GAO concludes Accenture, others, use tax havens
The report said that McDermott, Foster Wheeler and Tyco had conducted “corporate inversions,” the term given to companies that were incorporated in the United States and then re-incorporated in a tax haven.
The General Accounting Office has concluded that four of the 100 largest federal contractors are incorporated offshore in tax haven countries as a way of lowering their corporate taxes.
Turner introduced the Patriotic Purchasing Act, which was cosponsored by Waxman and 59 other representatives, that would bar companies incorporated in tax havens from winning new government contracts. /news/1_1/daily_news/19167-1.html   (2160 words)

 United Kingdom corporation tax - Wikipedia, the free encyclopedia
Tax competition between jurisdictions has reduced the headline charge to 30%; judgments from the European Court of Justice have found that certain aspects of UK corporate tax law are discriminatory under European Union treaties; and tax avoidance schemes marketed by the big accountancy and law firms and by banks have threatened the tax base.
Corporation tax is a tax levied in the United Kingdom on the profits made by UK-resident companies and associations.
Corporation tax is the next area scheduled to be tackled by the tax law rewrite project and it is thought that two Acts of Parliament will be required to bring it into line with the aims of the project. /wiki/United_Kingdom_corporation_tax   (5104 words)

 Tennessee - Wikipedia, the free encyclopedia
Some cities charge additional 0.50% sales tax, leading to a total of 9.75%: some of the highest sales taxes in the United States.
The overall state tax rate is relatively low, however, as Tennessee does not tax wage and salary income (although it does tax unearned income).
State sales tax is 7% (6% on nonprepared food), while the counties charge an additional 2.25% for a total of 9.25% across Tennessee. /wiki/Tennessee   (5104 words)

 income tax on
In the United States, the income tax law of 1894 was declared unconstitutional on the grounds that it was a direct tax not apportioned according to state population.
Income taxes had been levied sporadically by various states since 1789; since 1919 most states have adopted the tax.
Current corporate income tax developments: this two-part article discusses a myriad of recent state tax activity in the corporate income tax area.(part 1) /html/i1/incometa.asp   (5104 words)

United Slates, 373 U.S. The ACT is a separate tax, and is not properly viewed as a prepayment or interim credit or esti- mated tax of mainstream corporate tax.
They provide that both the "corporation tax" and the "advance corporation tax" are to be recognized as a foreign "income" tax for purposes of the foreign tax credit provisions of United States law.
Similarly, if the United Kingdom subsidiary surrenders its "advance corporation tax" to a second-tier subsidiary, then the provisional credit allowed to the corporation that paid the advance tax is reversed and the advance tax is allowable as a credit in the year it is applied against the "corporation tax" liability of the second-tier subsidiary. /osg/briefs/1994/w942005w.txt   (14541 words)

 What is the United Kingdom Independence Party?
But since then the EU has continued as a bastion of state regulation that threatens to undermine or even reverse the economic transformation of Britain into a deregulated low corporate tax haven it became under the Tories’ former leader.
They too are, like UKIP, hostile to any attempts to integrate Europe in a way that would see it develop as a serious rival to US imperialism—fearing that this would undermine Britain’s traditional role as a “bridge” between Europe and the US, and weaken it against its main continental rivals.
Such policies echo many of those held by the Conservatives and Labour, both of whom support only those aspects of EU policy that serve the efforts of the major transnational corporations and banks to more effectively exploit working people across Europe. /articles/2004/jun2004/ukip-j23.shtml   (14541 words)

 Israel as a Tax Haven
The author analyzes the tax consequences of investing in Israel from the perspective of the repatriation of profits following direct investments and of investments geared at using Israel as a bridge to the United States, taking advantage of Israel's Free Trade Agreements with the European Union and with the US.
The author concludes that investing in Israel, while not specifically a tax haven, the taxation climate is quite favorable. /books/isra0910.htm   (14541 words)

 Tax Reform Act of 1969 - Wikipedia, the free encyclopedia
The United States Tax Reform Act of 1969 established individual and corporate minimum taxes, established a new tax schedule for single taxpayers, and lowered the maximum rate on earned income from 70 percent to 50 percent.
Categories: Tax Acts of the United States
The income tax surcharge was temporarily extended at a 5 percent annual rate through June 30, 1970. /wiki/Tax_Reform_Act_of_1969   (144 words)

 United Kingdom - UK Tax rates
The corporate tax year runs from 1 April 2002 to 31 March 2003.
The personal tax year runs from 6 April 2002 to 5 April 2003.
Control is defined as a shareholding of more than 50% and can apply to shares held by companies, individuals or groups of individuals. /index.cfm/page_id/1046   (71 words)

 United Kingdom - UK Tax rates
The corporate tax year runs from 1 April 2002 to 31 March 2003.
The personal tax year runs from 6 April 2002 to 5 April 2003.
Control is defined as a shareholding of more than 50% and can apply to shares held by companies, individuals or groups of individuals. /index.cfm/page_id/1046   (71 words)

 Tax Reform: Russia, 1; United States, 0
Unlike our Internal Revenue Code, which taxes income once when you earn it and a second time when you invest it, the Russian flat tax does not double-tax corporate income or impose a capital gains tax on stocks, bonds and home sales.
Even the Organization for Economic Cooperation and Development called Russia's flat tax system a "key accomplishment," a stunning admission since the Paris-based bureaucracy is infamous for complaining about the "unfairness" of nations using low tax rates to lure jobs and capital from high-tax nations.
In the past, politicians in Congress have said a flat tax is impractical -- even though jurisdictions such as Hong Kong and Bermuda enjoyed rapid growth in part because of their flat-tax systems. /Press/Commentary/ed032102.cfm   (698 words)

 News Release: United States Should Reform Tax System and Adjust All New Business Taxes at the Border
Firms whose taxes increase will be concerned about their ability to compete with foreign firms, both in the United States and foreign markets.
If and when the United States reforms its tax system, the authors argue that the new tax should be adjustable at the border on internationally traded goods and services.
The new book analyzes the intellectual history and practice of border tax adjustments in the European Union, Japan, and the United States. /publications/newsreleases/taxpr.htm   (953 words)

 Publisher description for Library of Congress control number 2001037348
Tax reform debates in the United States have focused on the question of whether the existing corporate and individual income tax system should be replaced with some form of a national consumption tax.
Library of Congress subject headings for this publication: Taxation United States, Income tax United States, Spendings tax United States
The collection covers a range of tax policy issues related to consumption tax reforms, including their economic effects, distributional consequences, effects on administrative and compliance costs, transitional issues and the political aspects of fundamental tax reform, and international comparisons. /catdir/description/cam021/2001037348.html   (219 words)

 Flat Tax Revolution
What audacity Bremer demonstrated, to achieve in Iraq something we have yet to accomplish in the United States - fundamental tax reform and simplification that has worked so well in Hong Kong for years and is working for Russia under President Vladimir Putin, who cut the top rate to 13 percent.
Actually, L. Paul Bremer didn't even impose a single-rate flat tax; he simply ordered that "the highest individual and corporate income tax rates shall not exceed 15 percent," which is perfectly consistent with lower tax rates for lower-income individuals.
In addition to their burdensome tax systems, all of these countries are not free politically; they are protectionist, and they all are marked by extreme government intervention in the economy. /informed/issues_template.php?issue_id=2024   (757 words)

 Robert Newey & Co - English legal practice specialising in business and international taxation
Colleagues in the Chown Dewhurst Tax Group, in addition to their UK and international tax planning and consultancy work, can offer other services, such as company and trust administration and helping with tax returns.
Disputes with the UK tax authorities may be getting more common, as the UK authorities have apparently recently decided to “litigate more”.
We also deal with corporate, employment and litigation work where tax is involved.   (671 words)

 Jobs - Corporation Tax Professionals - UK [ United Kingdom ], London, London Central-West End
To be considered for these positions you will require a minimums five years experience within Corporation tax compliance, accounting and reporting gained in a large accountancy practice or commerce and industry.
Are you an experienced Corporate Tax Professional with a minimum of five years experience within this field?
Tax technical and accounting abilities are more important than business development and management skills. /search/tiptopjobdetails.asp?jobid=1270056   (419 words)

 U.S. Tax Solutions for resident alien and nonresident alien foreign nationals
Our Foreign National Tax Guide is one of the most comprehensive tutorials on resident alien and nonresident alien tax rules that you will find on the Web.
If you are a corporate employer of resident alien or nonresident alien foreign nationals, we offer payroll consulting relating to tax treaty and social security withholding issues.
If you are considering a career in the tax profession see the publisher's review of my book Getting Started in Tax Consulting.   (419 words) United States Tax Reform in the 21st Century: Books: George R. Zodrow,Peter Mieszkowski
Should the United States adopt a "fundamental tax reform" in the form of replacing its current personal and corporate income tax system with some form of consumption-based taxation? United States Tax Reform in the 21st Century: Books: George R. Zodrow,Peter Mieszkowski
United States Tax Reform in the 21st Century (Hardcover) /exec/obidos/tg/detail/-/0521803837?v=glance   (492 words)

 Choate, Hall & Stewart : Directory : Bio : Kenneth A. Glusman
For several years, he was a member of the faculty of the Graduate Tax Program at Boston University School of Law, teaching courses in the taxation of corporate reorganizations, partnership taxation, and taxation of sales and exchanges.
Glusman's practice consists primarily of tax planning for corporations, partnerships, limited liability companies and their owners; taxation of mergers and acquisitions, financings and similar transactions; and general tax advice in business matters.
Domestication of a publicly traded Canadian corporation as a Delaware corporation, structured to minimize the Canadian and United States tax effects on the corporation and its shareholders. /directory/bios/glusman_kenneth.asp   (492 words)

UNITED STATES FEDERAL INCOME TAX CONSEQUENCES TO NON-U.S. The following is a description of the material United States federal income tax consequences that may be relevant to Non-U.S. Holders, as defined below, with respect to the acquisition, ownership and disposition of our common stock.
United States backup withholding tax and information reporting requirements generally apply to certain payments to certain non-corporate holders of stock.
To claim an exemption from withholding because the income is effectively connected with a United States trade or business, you must provide a properly executed Form W-8ECI (or such successor form as the Internal Revenue Service designates) prior to the payment of dividends. /2004/09/28/0000950136-04-003123/section38.asp   (492 words)

 Nation Newspaper Barbados
The impact of the revised Barbados-United States Double Taxation Treaty is already being felt in corporate America.
And officials in both Washington and Bridgetown say they expect more and more United States companies, which have established a corporate presence and do business in Barbados, to tell shareholders how the changes are affecting their bottom line in the months ahead.
In a report to the United States Securities and Exchange Commission, Interpool stated that the revised treaty would force it to increase its net deferred tax liability during the fourth quarter of last year, moving it to a tax rate thatís higher than the three per cent currently allowed. /StoryView.cfm?Record=56822&Section=Business&Current=2005%2D01%2D10%2000%3A00%3A00   (492 words)

 Corporation - Encyclopedia.WorldSearch
In the United States several corporate forms exist; the name of "corporation" generally applies to a business, run for profit, to which one of the states of the United States (or other governmental body with that power, including Congress and Puerto Rico) has granted a corporate charter.
This leads to the so-called "double-taxation" of corporate profits: a given profit becomes subject to income tax twice, once at the corporate level, as an item of income, and once at the stockholder level, as a dividend.
A corporation (usually known in the United Kingdom and Ireland as a company) is a legal entity (distinct from a natural person) that often has similar rights in law to those of a natural person. /corporation.htm   (3897 words)

 Tax Division Home Page
Tax Division attorneys work closely with the Internal Revenue Service and United States Attorneys to develop tax administration policies; handle civil trial and appellate litigation in federal and state courts; pursue federal grand jury investigations; and handle criminal prosecutions and appeals.
The Court of Federal Claims Section defends all tax suits filed in the United States Court of Federal Claims.
Appellate attorneys also review adverse Tax Court, Court of Federal Claims, state trial court and United States District Court decisions and prepare recommendations to the Solicitor General about whether to file appeals. /tax   (1894 words)

 Corporate haven - Wikipedia, the free encyclopedia
United States tax law can make these offshore corporate havens very unattractive to individual citizens, because U.S. citizens are taxed by the U.S. government on their world-wide income.
Corporate havens outside the United States include British crown colonies such as Bermuda and the Cayman Islands.
A corporate haven is a jurisdiction with laws friendly to corporations thereby encouraging them to choose that jurisdiction as a legal domicile. /wiki/Corporate_haven   (234 words)

 The Tax Foundation - Educating Taxpayers Since 1937
"A wave of corporate income tax reduction has swept through many OECD countries in recent years, but not the United States," said Tax Foundation president Scott A. Hodge, co-author of the new analysis.
With House Ways and Means Committee hearings on corporate tax reform scheduled for next Tuesday, the Tax Foundation has released a new "Fiscal Fact" comparing the U.S. corporate tax system to other countries around the world.
On the eve of the April 17 tax deadline, a new national survey commissioned by the Tax Foundation shows most U.S. adults think the federal tax system needs major changes or should be completely overhauled, and a majority are willing to give up some deductions in exchange for tax simplification.   (404 words)

 The Washington Monthly
The grounds to criticize Mitchell on are his comparisons of economies that are far behind the U.S. economy (the Baltic states) and then conclude their economic growth is due solely to a flat tax.
During the 1990s, non-financial corporations as a group paid an average of 25.3 percent of their profits in federal corporate income taxes, according to new Congressional Research Service estimates.
While additional taxes due to state and local taxes are an issue, this does not negate the fact that a tax system with a flat rate and a sizeable deduction (Dick Armey's proposal has a $26,200 deduction for a married couple) results in a progressive income tax rate. /archives/individual/2004_04/003710.php   (15365 words)

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