taxable profits

taxable profits
The profits on which a company calculates its corporation tax charge for a year. Note that the definition of taxable profits is not the same as accounting profits before tax. The reason for this is that the company has considerable flexibility in the way it calculates its accounting profit before tax. As a result, the Inland Revenue have different rules in some areas for the calculation of taxable profits.
See disallowed expenditure. Dresdner Kleinwort Wasserstein financial glossary

Financial and business terms. 2012.

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