Corporate Income Tax Law

Corporate Income Tax Law governs how corporations are taxed on their profits. When a company earns money, it must pay a percentage of its profits to the government as corporate income tax. This tax is separate from individual income taxes paid by people. The rates can vary based on location and the size of the company. Corporations must file tax returns detailing their earnings and expenses to determine their tax obligations. The law ensures that companies contribute to public services and infrastructure while allowing for expenses that can reduce taxable income, promoting business investment and growth.