Corporate Income Tax is a tax imposed on the profits earned by corporations. This tax is calculated based on the company's net income, which is the total revenue minus allowable expenses. Different countries have varying tax rates and regulations, which can affect how much a corporation pays. Corporations are required to file tax returns, detailing their income and expenses, to determine their tax liability. The revenue generated from corporate income taxes contributes to government funding for public services and infrastructure, impacting the overall economy and society.