United States

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TAXES - ACCOUNTING

 

 

Corporate tax

Tax rate for resident companies

The levy of companies is made at federal, state and municipal level. The rate of the federal tax varies according to the amount of the taxable income of companies:
0$ - 50.000$: 15%
50.000$ - 75.000$: 7.500$ + 25% of excess
75.000$ - 100.000$: 13.750$ + 34% of excess
100.000$ - 335.000$: 22.250$ + 39% of excess
335.000$ - 10.000.000$: 113.900$ + 34% of excess
10.000.000$ - 15.000.000$: 3.400.000$ + 35% of excess
15.000.000$ - 18.330.000$: 5.150.000$ + 38% of excess
Beyond 18.330.000$: 35%.
Taxes levied by States and municipalities vary (approximately between 0% and 12%) according to the place of residence of the company and should be calculated with each of the fiscal administrations of States.

   
Tax rate on long-term capital gains Capital gains are taxed in the United States at a the same rate as corporation rate.
   
System governing groups of companies and dividends paid by subsidiaries to their parent companies When an investor holds less than 10% of the stock capital of a company and that the dividends are paid by the company, withholding is withdrawn at source at a rate of 15%. When an investor holds at least 10% of the voting rights in a company and such company pays dividends, withholding is withdrawn at source at a rate of 5% (only for stock capital companies).
   
Tax rate on branches Branches are taxed for Corporate Tax in the same way as any other companies.




Income tax

Fiscal year The Financial year begins on January 1 and ends on December 31 of the same year.
   
Income tax rate It is calculated according to different scales depending on the family status (married couples under a joint system, married couples under a separate assets system, single and head of the family), limited to six rates, 10%, 15%, 25%, 28% and 33%. High incomes are subjected to an additional tax resulting in a rate of 35%.
   
Tax deductions or other allowances Tax deductions depend on the place of residence; in other words, they depend on the State of residence.



VAT rates

Standard rates There is no VAT in the United-States. However, most of the states charge a tax on the turnover (Sales Tax) which applies to sales of goods to be consumed and delivered in the state, or a tax on services (4% in the state of New York).
   



Other important taxes


Name of tax
Rate
Inheritance and donations  
18% to 55%  
Importation duties  
0.7% of the value of the imported goods  


 

Accounting

Introduction
In the United States, accounting law is mainly customary law. Each State has its own Corporate law, but very few have their own accounting rules.


Obligations and publications
According to the S-X rule emitted by the SEC, all companies which make a public appeal for saving have to present annually to the SEC an information file called "10 K" for the American companies and "20 F" for the foreign companies.
Companies quoted in the Stock Exchange have to satisfy their requirements, the most binding is the NYSE (New York Stock Exchange), which asks for the annual publication of audited financial statements.
Financial status must contain at least : a variation table of constant capital out of stock account and new extension, a cash flow table, appendices. For companies which call for saving, the financial audited status include : a balance with a comparative degree over two years, a profit and loss account with comparative degree over three years, appendices including a variation table of constant capital over three years and the report of the auditors.

Certification and auditing
In most of the States, Corporate law do not require the deposit of financial documents in the trade register regularly, or, either , certification by independent auditors.



Useful links
For further information, please contact the IRS (Internal Revenue Service).

Last modified in February 2007
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