Business news with words corporate+tax. 56 news.

Increase is driven by rapid economic growth, bumper corporate profits, more effective collection and a crackdown on evasion

The North Carolina Institute for Constitutional Law has filed suit challenging a $100,000 grant given by Durham County to Nitronex - the latest foray in the Raleigh group's crusade against corporate tax incentives.

Officials skeptical of any action in '08 The Treasury Department released a long-awaited study Thursday on overhauling the corporate tax code that detailed several options but made no recommendations, possibly signaling the Bush administration's intention to not push for changes in the president's final year.

THE new unified corporate tax for domestic and foreign companies mirrors China's move to shift from an export-oriented to a domestically driven economy, Deloitte Touche Tohmatsu said yesterday. "I believe the new law and rules will provide all market players with a more transparent, stable and predictable tax system," said Joseph Tse, tax managing partner of Deloitte China. China will levy one 25-percent tax on both domestic and overseas-invested companies from January 1, 2008. Foreign companies now face an average 15-percent tax while Chinese companies pay an average levy of 25 percent, said the Ministry of Finance earlier. "With the termination of most geography-oriented incentives, the strategic priority of operation factors such as proximity to natural resources and local markets and human resources will be elevated," Tse said. The tax authority posted the implementation rules for the law on Tuesday. China is likely to see tax revenue shrink 93 billion

Blagojevich donor's tax-fraud charges tied to gambling Christopher Kelly, one of Gov. Rod Blagojevich's closest advisers and the chief fundraiser on his two campaigns, was indicted Thursday on tax fraud charges alleging he improperly used corporate funds to cover gambling debts he had run up in Las Vegas and with a local bookie.

THE Common Consolidated Corporate Tax Base poses a serious threat to companies doing business in Europe.

The Ohio Tax Credit Authority awarded six local companies tax credits worth more than $4 million as incentives to them to establish or maintain operations in Ohio rather than other states. The credit equals a percentage of new state income tax withheld on new, full-time employees in Ohio. The Job Retention Tax Credit provides corporate franchise or state income tax credit for businesses that commit to retain a significant number of full-time jobs. They include:

SHARES in Shanghai jumped more than four percent with a dramatically increased volume to regain the 5,000 line, fueled by the blue chips which surged more than five percent yesterday. The surge, the biggest in the past 11 trading days, came from the news of the reform corporate income tax policy and the strong US and Hong Kong markets, dealers said. The Shanghai Composite Index, which tracks both yuan-denominated A shares and hard-currency B shares, jumped 4.16 percent to 5,003.33. Gainers outnumbered losers 713 to 43 yesterday while 72 were unchanged. Turnover was 82.71 billion yuan (US$11.19 billion), a 55-percent increase from the previous session. The Shenzhen Composite Index, which covers the smaller stock market on China's mainland, climbed 3.06 percent to 1,257.27. "Passing the important marks, including the half year average mark and the 5,000 mark, and the increased volume show the market is returning to a healthier environment," said Qin Hong, an

So the CBI releases a report on climate change and what needs to be done about it and I'm raring to go. The newspaper reports say that they favour a cap and trade system to limit emissions, rather than a carbon tax. Excellent thinks I! Cap and trade where permits are allocated instead of auctioned is functionally equivalent to a carbon tax, just with dollops of added extra corporate welfare. The current and likely future cap and trade system allocates instead of auctions, so I've got a piece there. Trot out old Adam Smith, businessmen seldom gather together except to

RALEIGH - Corporate income tax collections, a bellwether of economic performance, were anemic during the first quarter of the state's new fiscal year.

With their votes against higher corporate income taxes and new top income tax rates in Maryland, the brother-sister legislative team of Benjamin F. and Rona E. Kramer put themselves firmly in the fiscal conservative camp of Montgomery County's all-Democratic delegation.

Corporate tax refund requests pushed franchise and excise tax collections down in October, putting collections at $703.5 million, or 6.42 percent less than October 2006.

Cravath, Swaine & Moore, the white-shoe law firm, named three partners from its associate ranks, effective Jan. 1. The three are Lauren Angelilli, a tax lawyer with degrees from the Wharton School and Harvard Law; Tatiana Lapushchik, a corporate lawyer with degrees from Barnard College and Harvard Law; and Eric L. Schiele, a corporate lawyer with [...]

Bob Lutz was hired by General Motors to give its cars some much-needed sparkle. It seems to be working FOR a man whose company has just recorded one of the largest quarterly losses in American corporate history, Bob Lutz, vice-chairman and chief of product development at General Motors (GM), seems remarkably chipper. Most of the $39 billion third-quarter loss stemmed from a $38.6 billion write-down of tax credits that does not affect GM's cash position. But the decision to make the write-down is a sign that despite record revenues and two years of restructuring in North America, cutting tens of thousands of jobs, GM is still struggling to make profits from its automotive operations. By his own admission Mr Lutz is not the best person to talk about GM's accounting policies. But he is convinced that GM is now firmly back on track. The reason? For the first time since the 1960s, it is making great cars again. The cigar-chomping 75-year-old former Marine fighter pilot was hired by Rick Wagoner, GM's boss, to do just one thing: transform the appeal of the cars it sells. Six years on, Mr Lutz thinks his work is finally bearing fruit.

CHINA has drafted executive regulations for a new corporate income tax law that will harmonize the domestic and foreign rates. The final draft has been submitted to the State Council for approval, the China Securities Journal reported yesterday, citing an expert close to the issue. From January 1 next year, subject to approval by the State Council, the income tax rate for foreign companies in special bonded zones, which previously enjoyed a preferential rate of 15 percent, will rise in stages over five years to 18 percent, 20 percent, 22 percent, 24 percent and finally 25 percent - the same as domestic companies. The arrangement would apply to such bonded zones as Shenzhen Special Economic Zone, economic development zones set up in coastal cities like Hongqiao Economic and Technological Development Zone in Shanghai, and high-tech development zones, including Zhongguancun Science Park in Beijing. The unidentified expert also said the 24-percent rate for foreign companies

The challenges of moving towards a border-adjustable system are sizable, but can be overcome, say Cesar Conda and Brian Reardon

The code is expected to simplify the procedures for imposition and collection of personal income and corporate taxes as well as other direct taxes. A tax cut could also lead to increase in consumption of petroleum goods, he said, adding the matter has to be considered in its totality.

Corporate Chicago loves Mayor Daley and helps him on must-fix problems. Its payback: big tax breaks

Birmingham's Industrial Development Board Monday unanimously approved amending American Pipe and Supply Co. Inc.'s tax abatement agreement for its new corporate headquarters to account for a change in the site's ownership structure.

IRELAND has one of the most attractive corporate tax rates in the world, according to IDA chief Sean Dorgan who said it is a huge factor in luring companies here but adds is not enough in itself.