(e) the amount of profit or loss before income tax

(1) Lower rates apply to profits below this level (2) Imposta locale sui redditi. Deductible against income chargeable to corporation tax on dividends (3) 45 on undistributed profits since 1986 (4) Supplementary tax 2 for chamber of commerce (5) 35 since 1986 (6) Scheduler tax on trade income 30 40 supplementary tax on undistributed profits (6 12 )

However, a tax on labour cannot follow the same progressive principle and logic as a tax on profit.

Financial services companies will have their annual liability to payroll tax, business property occupation tax and top up tax capped, in aggregate, at 15 of profit.

It therefore follows that Qualifying Companies pay tax on their profits at a higher rate than Exempt Companies.

In contrast, utilities would have a corporate tax liability of 35 of profits.

However, Estonia may, for as long as it charges income tax on distributed profits without taxing undistributed profits, and at the latest until 31 December 2008, continue to apply that tax to profits distributed by Estonian subsidiary companies to their parent companies established in Switzerland.

(') Supplementary tax 2 for chamber of commerce. (') Scheduler tax on trade Income 30 35 .

Although the reform may correctly be described as zero rate profit tax (due to the choice of employment and occupation, and not profit, as tax bases), to describe it as zero rate tax is wrong.

Comparisons between the tax base or tax structure of a company profits tax can sometimes be made with a company profits tax in another jurisdiction.

The vast majority of qualifying companies pay corporation tax at a rate of between 2 and 10 of profits.

Although utilities companies will also have their annual liability to payroll tax and business property occupation tax capped, in aggregate, at 15 of profit, the operation of the utilities top up tax will ensure that these companies always pay a tax equal to 35 of profits.

Corporate and income tax

Utility companies, in addition to the payroll and property taxes, will be charged a top up tax on profits from utility activities at the rate of 35 of profit (calculated in accordance with internationally accepted accounting standards).

Exempt Companies do not pay tax on their profits, but instead pay a fixed annual tax of GBP 225 to 300.

The accurate position is that the essential element of the reform is the general abolition of taxation of company profit (save for a top up taxation on financial services and utilities activities) and its replacement with a payroll tax payable by all companies.

the requirement to make a profit before incurring any payroll and property tax liability would confer an advantage on unprofitable companies

Financial services companies will, in addition to the payroll and property taxes, be charged a top up tax on profits from financial services activities at the rate of 8 of profit (calculated in accordance with internationally accepted accounting standards).

1 (corporation

Corporation tax

These figures, submitted back in 1999, related to the ratio earnings before (income) tax equity capital shown in the balance sheet at the start of the same year .

We are in favour of phasing out all forms of indirect taxation throughout Europe and of replacing it with a consistent increase of tax on company profits, as well as a tax on income, which increases steeply, particularly on high income from capital.

Certain designated activities, namely financial services and utilities, will be subject to an additional top up or penalty tax on profits generated by such activities.

Finally, financial services companies in Gibraltar will not be exempted from taxation, but will be subject to an extra top up tax on profits attributable to such activities.

Real estate tax for 1996

A tax called a death tax is regarded very differently from a tax called an inheritance tax, even though the two are really identical.

Profits based taxation will be replaced by a general payroll tax pursuant to which all Gibraltar companies will be liable in the amount of GBP 3000 per employee each year.

This situation is to be distinguished from a system where a payroll tax or a business property tax is added on top of a general profit tax, which ensures a wide taxation of all sectors of the economy, and represents thus a minor aspect of the taxation of enterprises.

A well designed tax on oil would also reduce demand, thereby lowering the potential for windfall profits for those who rule or own the ground over the oil deposits.

5.2 Tax on foreign exchange transactions.

5.3 Tax on foreign exchange transactions (CTT).

5.3 Tax on foreign exchange transactions.

a company tax (cf. Ruding Committee),

Even if a payroll tax were introduced as a proxy for a profit tax (this is not an argument put forward by the United Kingdom), it would still be within the logic of a payroll tax system for unprofitable companies to be liable to the tax.

This is harmonisation for the sake of it and we are in favour of abolishing VAT at European level and in favour of a highly progressive tax on company profits and on capital income.

Many developing countries lack a corporate income tax the huge profits of the telecom, cement, and other monopoly sectors escape taxation.

The tax on the profits of financial services firms would not constitute a genuine corporation tax since those firms' combined liability by way of payroll tax, business property occupation tax and top up tax would not exceed 15 of their profits or GBP 500000.

Profit after tax and exceptionals (before tax on exceptionals)

Other firms trading in the Territory must pay a standard 35 per cent tax on their profits.

Such unearned profits will be taxed at the 8 or 35 top up rate to the proportion which the profits and gains from the financial services or utilities activities bears to the whole of the trading profits or gains made by the company.

Capital tax

Income tax?

a tax on profits, under the general regime in that third country, at a statutory corporate tax rate lower than 40 of the average statutory corporate tax rate applicable in the Member States

An alternative minimum tax was established, along with a slight increase in gasoline taxes, but both were so watered down that they barely add up to anything.

Subject Capital Gains Tax and investment