advance corporation tax

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advance corporation tax

n
(Accounting & Book-keeping) a former UK tax in which a company paying a dividend had to deduct the basic rate of income tax from the grossed-up value of the dividend and pay it to the Inland Revenue. Abbreviation: ACT
References in periodicals archive ?
It's all about companies having been given advance tax notice in Luxembourg, the Netherlands and Ireland.
If applicants instead choose to forgo the advance tax credit and pay the full cost of their premiums, then they will receive the tax credit when they file their federal taxes as part of their tax refund.
Audit report pointed out that a loss of million of rupees was caused to national kitty through less or non deduction of income tax or advance tax by education department.
They said obstacles to growth are the advance tax on future earnings, electricity costs, insurance, and social security payments.
An individual is required to settle his taxes by way of advance tax if his estimated net tax liability after TDS exceeds Rs 10,000 per annum.
The Finance Minister said that it is mandatory that the telecos have to pay 10% advance tax under Section 236A of the Income Tax Ordinance 2001on the auction sale price of the Spectrum.
Sinha, on his part, accused Chidambaram on Monday of a mindless reduction in expenditure and the tax administration of becoming extortionist by seeking advance tax from taxpayers.
The present government has crossed all the limits in violating the human rights by levying Educational Advance Tax on all those students who are getting professional education in professional colleges and universities.
The RBI said in a statement that the decision for a funds injection was taken following the expectation of liquidity tightness on account of the advance tax payment process starting mid-December 2013.
The match between Muntajat and The Hague is perfect," according to Bas Pulles, commissioner for foreign investment at NFIA, which helped the company obtain an advance tax ruling from the Dutch tax authorities; while WFIA helped identify options for the right office space and local service providers based on the company's needs.
Further, CII is of the view that payment of advance tax by SMEs should be made flexible with the option to pay advance tax during the following quarter.