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English definition of “corporation tax”

corporation tax

noun [U or C]   UK ( US corporate income tax)
TAX tax that a company has to pay on its profits: The chancellor proposed to reduce the small companies rate of corporation tax to 24%. As a charity they do not pay corporation tax on profits. a reduction/increase/rise in corporation tax
→ Compare personal income tax
(Definition of corporation tax noun from the Cambridge Business English Dictionary © Cambridge University Press)
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