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Home > QFINANCE Dictionary > Definition of classical system of corporation tax

Definition of

classical system of corporation tax

Tax

system doubly taxing firm's income a system in which companies and their owners are liable for corporation tax as separate entities. A company's taxed income is therefore paid out to stockholders, who are in turn taxed again. This system operates in the United States and the Netherlands. It was replaced in the United Kingdom in 1973 by an imputation system.

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Definitions of ’classical system of corporation tax’ and meaning of ’classical system of corporation tax’ are from the book publication, QFINANCE – The Ultimate Resource, © 2009 Bloomsbury Information Ltd. Find definitions for ’classical system of corporation tax’ and other financial terms with our online QFINANCE Financial Dictionary.

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