Corporate Tax

Joaquim Miranda Sarmento
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Joaquim Miranda Sarmento: Universidade de Lisboa

Chapter 7 in Taxation in Finance and Accounting, 2023, pp 127-163 from Springer

Abstract: Abstract In most countries, firms and organizations are subject to a corporate tax. The main principles of such a tax (incidence, tax persons, residence, permanent establishment, tax period, and revenues and costs) are largely harmonized at the OECD level. In addition, most countries have a similar conceptual framework of corporate tax whereby firms pay corporate tax based on their accounting pre-tax profits, after tax adjustments. The respective tax adjustments are based on transactions that cannot, or should not, be recorded by the tax rule, but rather by the accounting rule (e.g., not-deductible costs, tax benefits, or operations subject to different treatments between accounting and tax). This chapter also analyses several relevant issues for corporate tax purposes, namely: depreciation, grants, capital gains, tax losses carried forward, loan interest deductions and limits, corporate tax rates, and declarations and payments. Several examples across each topic and exercises are presented at the end.

Date: 2023
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DOI: 10.1007/978-3-031-22097-5_7

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