What does business tax mean?

business tax meaning in Law Dictionary

Many countries enforce corporate income tax or company income tax in the income or capital of some types of appropriate entities. The same tax might be enforced at condition or reduced levels. The taxes may also be called income-tax or money income tax. Organizations addressed as partnerships commonly are not taxed at entity amount. Many countries income tax all corporations working in the united kingdom on earnings from that nation. Numerous nations taxation all earnings of corporations organized in the united states.

business tax meaning in Business Dictionary

Five significant forms of business taxes are: (1) corporate franchise taxation, (2) employment (withholding) tax, (3) excise income tax, (4) gross-receipts taxation, and (5) value-added taxation (VAT). Some forms of corporations (like insurance coverage, mining, and petroleum removal organizations) pay extra fees distinct for their industries. While companies too spend earnings, residential property, and sales taxes, such taxes are not certain to organizations. When it comes to financial impact, however, all fees tend to be 'people fees' because they affect human beings and never some abstraction labeled 'business.' Also called company task taxation.