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 regarding corporate income tax, which can influence business decisions and economic activity. Corporations are required to file tax returns to report their income and pay the appropriate amount of tax to the government. The revenue generated from corporate income tax is often used to fund public services and infrastructure, benefiting society as a whole.