Basic International Corporate Taxation by Sebastiano Garufi

Author:Sebastiano Garufi [Garufi, Sebastiano]
Language: eng
Format: azw3
Published: 2015-11-07T05:00:00+00:00

2. Taxation of corporate profits and dividend distributions

Systems of taxation of corporate profits and dividend distributions to shareholders can vary a lot from State to State. In this respect, the following systems can be distinguished.

2.1. Classical system

Under this system, a company is regarded as a separate entity from its shareholders and therefore as a single taxpayer. It pays tax on its taxable income and distributes dividends to its shareholders. Such dividends are taxed upon the shareholders, without any integration between the two levels of taxation. It is clear that this system raises issues of double taxation upon the same income, as taxation of corporate profits has no impact on the calculation of the tax levied at the level of the shareholders.

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