{"id":15630,"date":"2021-05-26T08:45:37","date_gmt":"2021-05-26T08:45:37","guid":{"rendered":"https:\/\/analystprep.com\/study-notes\/?p=15630"},"modified":"2026-03-02T12:58:59","modified_gmt":"2026-03-02T12:58:59","slug":"tax-systems-and-dividend-policy","status":"publish","type":"post","link":"https:\/\/analystprep.com\/study-notes\/cfa-level-2\/tax-systems-and-dividend-policy\/","title":{"rendered":"Tax Systems and Dividend Policy"},"content":{"rendered":"<script type=\"application\/ld+json\">\r\n{\r\n  \"@context\": \"https:\/\/schema.org\",\r\n  \"@type\": \"QAPage\",\r\n  \"mainEntity\": {\r\n    \"@type\": \"Question\",\r\n    \"name\": \"What is the effective tax rate on pretax income distributed as dividends under a double taxation system?\",\r\n    \"text\": \"JC Corporation operates in a country with a double taxation system. The corporate tax rate on income is 39.6%, and the personal tax rate on dividends is 25%. JC distributes 100% of its after-tax income as dividends. What is the effective tax rate on JC\u2019s pretax income distributed as income?\\n\\nA. 40%\\nB. 57%\\nC. 55%\",\r\n    \"answerCount\": 3,\r\n    \"suggestedAnswer\": [\r\n      {\r\n        \"@type\": \"Answer\",\r\n        \"text\": \"A. 40%\"\r\n      },\r\n      {\r\n        \"@type\": \"Answer\",\r\n        \"text\": \"B. 57%\"\r\n      },\r\n      {\r\n        \"@type\": \"Answer\",\r\n        \"text\": \"C. 55%\"\r\n      }\r\n    ],\r\n    \"acceptedAnswer\": {\r\n      \"@type\": \"Answer\",\r\n      \"text\": \"C. 55%\",\r\n      \"commentary\": \"Under a double taxation system, income is taxed first at the corporate level and again at the shareholder level when distributed as dividends. The effective tax rate is calculated as 1 \u2212 (1 \u2212 corporate tax rate)(1 \u2212 dividend tax rate). Using the given rates: 1 \u2212 (1 \u2212 0.396)(1 \u2212 0.25) = 0.547, or 54.7%, which is closest to 55%.\",\r\n      \"url\": \"https:\/\/analystprep.com\/study-notes\/cfa-level-2\/tax-systems-and-dividend-policy\/\"\r\n    },\r\n    \"author\": {\r\n      \"@type\": \"Organization\",\r\n      \"name\": \"AnalystPrep\"\r\n    }\r\n  }\r\n}\r\n<\/script>\r\n\r\n<p><iframe loading=\"lazy\" src=\"\/\/www.youtube.com\/embed\/hn2pw6Mx4OQ\" width=\"611\" height=\"343\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/p>\r\n\r\n<h2>Double Taxation System<\/h2>\r\n<p>Under the double taxation system, earnings before tax (EBT) are taxed at a corporate level and then taxed again as dividends after the earnings are distributed to shareholders. Let us illustrate this in the table below.<\/p>\r\n<p>$$ \\textbf{Double Taxation of Dividends at Different Personal Tax Rates} $$<\/p>\r\n<p>$$\\small{\\begin{array}{l|c|c} \\textbf{Personal tax rate} &amp; \\bf{39.6\\%} &amp; \\bf{15\\%} \\\\ \\hline\\text{Net income before taxes} &amp; \\$ 300 &amp; \\$ 300 \\\\ \\hline\\text{Corporate tax rate} &amp; 30\\% &amp; 30\\% \\\\ \\hline\\text{Net income after tax} &amp; \\$210 &amp; \\$210 \\\\ \\hline\\text{Dividend}\\ (\\text{assuming 100% payout}) &amp; \\$210 &amp; \\$210 \\\\ \\hline\\text{Tax on dividend} &amp; \\$ 83.16 &amp; \\$31.5 \\\\ \\hline\\text{Net dividend to shareholder} &amp; \\$ 126.84 &amp; \\$178.5 \\\\ \\hline\\textbf{Double tax rate on dividend distributions}^{1} &amp; \\bf{57.72\\%} &amp; \\bf{40.5\\%} \\\\\u00a0 \\end{array}}$$<\/p>\r\n<p>$$ \\text{Double tax rate on dividend distributions}^{1}=\\frac{($300-$126.84)}{$300}=0.5772=57.7\\% $$<\/p>\r\n<p>In a double taxation system, the investor gets taxes twice\u2014at the coporate level and then at the individual level.<\/p>\r\n<h2>Dividend Imputation System<\/h2>\r\n<p>The dividend imputation tax system ensures that corporate profits are distributed as dividends are taxed once, at the shareholder&#8217;s level. When the dividends are distributed, the shareholders get a tax credit known as a <strong>franking credit <\/strong>for the tax paid on the dividends. Corporate taxes are attributed to the individual shareholder. If the company&#8217;s marginal tax rate is lower than that of the shareholder, the shareholder pays the difference between the two rates.<\/p>\r\n<p>$$ \\textbf{Taxation of Dividends with the Tax Imputation System} $$<\/p>\r\n<p>$$\\small{\\begin{array}{l|c|c} \\textbf{Marginal shareholders&#8217; tax rate} &amp; \\bf{15\\%} &amp; \\bf{47\\%} \\\\ \\hline\\text{Pretax income} &amp; \\$ 300 &amp; \\$ 300 \\\\ \\hline\\text{Less taxes at}\\ 30\\%\\ \\text{corporate tax rate} &amp; (\\$90) &amp; (\\$90) \\\\ \\hline\\text{Net income after tax} &amp; \\$210 &amp; \\$210 \\\\ \\hline\\text{Dividend assuming 100% payout} &amp; \\$210 &amp; \\$210 \\\\ \\hline\\text{Shareholder tax on pretax income} &amp; \\$45 &amp; \\$141 \\\\ \\hline\\text{Less tax credit for corporate payment} &amp; (\\$30) &amp; (\\$30) \\\\ \\hline\\text{Tax due from shareholder} &amp; \\$15 &amp; \\$111 \\\\ \\hline\\text{Effective tax rate on dividend} &amp; \\$15\/\\$100 = 15\\% &amp; \\$47\/\\$100 = 47\\%\\\\\u00a0 \\end{array}}$$<\/p>\r\n<p>In a dividend imputation system, shareholders get a <b>tax credit <\/b>for the amount paid at the corporate level.<\/p>\r\n<h2>Split-rate Tax System<\/h2>\r\n<p>A split rate tax system taxes corporate earnings distributed to shareholders at a lower rate than retained earnings, and the dividends are taxed as normal income at the shareholder&#8217;s level.<\/p>\r\n<p>$$ \\textbf{Taxation of Dividends based on Split-Rate System (per \\$100)} $$<\/p>\r\n<p>$$\\small{\\begin{array}{l|c}\u00a0 \\text{Pretax earnings}&amp;$200\\\\ \\hline\\text{Pretax earnings retained}&amp; $100\\\\ \\hline40\\%\\ \\text{tax on retained earnings} &amp; $40 \\\\ \\hline\\text{Pretax earnings allocated to dividends} &amp; $100 \\\\ \\hline20\\%\\ \\text{tax on earnings allocated to dividends} &amp; $20 \\\\ \\hline\\text{Dividends distributed} &amp; $80 \\\\ \\hline\\text{Shareholder tax rate} &amp; 40\\% \\\\ \\hline\\text{After-tax dividend to shareholder} &amp; {[}(1 \u02d7 0.4) \u00d7$80{]} = $48\\\\ \\hline\\text{Effective tax rate on dividend}&amp;{[}20\\%+ (80\u00d70.4)\\%{]} =52\\%\\\\\u00a0 \\end{array}}$$<\/p>\r\n<p>In a split-rate tax system, earnings distributed as dividends are still <b>taxed twice. <\/b>However, the corporate rate used is <b>lower, <\/b>20% in this case instead of 40%.<\/p>\r\n<blockquote>\r\n<h2>Question<\/h2>\r\n<p>JC Corporation is a company located in a country with a double taxation system where the corporate tax rate on income is 39.6%, and personal tax on dividends is 25%. JC pays out 100% of all its after-tax income as dividends to its shareholders.<\/p>\r\n<p>The effective tax rate on JC pretax income distributed as income is <em>closest to<\/em>:<\/p>\r\n<ol style=\"list-style-type: upper-alpha;\">\r\n\t<li>40%.<\/li>\r\n\t<li>57%.<\/li>\r\n\t<li>55%.<\/li>\r\n<\/ol>\r\n<h4>Solution<\/h4>\r\n<p><strong>The correct answer is C.\u00a0<\/strong><\/p>\r\n<p>$$\\begin{align*}\\text{Effective tax rate}&amp;=1-(1-\\text{Corporate tax})(1-\\text{Tax on dividend})\\\\&amp;=1-(1-0.396)(1-0.25)\\\\&amp;=0.547=54.7\\%\\end{align*}$$<\/p>\r\n<\/blockquote>\r\n<p>Reading 18: Analysis of dividends and Share Repurchases<\/p>\r\n<p><em>LOS 18 (f) Calculate and interpret the effective tax rate on a given currency unit of corporate earnings under double taxation, dividend imputation, and split-rate tax systems.<\/em><\/p>\r\n","protected":false},"excerpt":{"rendered":"<p>Double Taxation System Under the double taxation system, earnings before tax (EBT) are taxed at a corporate level and then taxed again as dividends after the earnings are distributed to shareholders. Let us illustrate this in the table below. $$&#8230;<\/p>\n","protected":false},"author":5,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[102,346],"tags":[216,344,368,374],"class_list":["post-15630","post","type-post","status-publish","format-standard","hentry","category-cfa-level-2","category-corporate-finance-cfa-level-2","tag-cfa-level-2","tag-corporate-finance","tag-reading-21analysis-of-dividends-and-share-repurchases","tag-tax-systems-and-dividend-policy","blog-post","no-post-thumbnail","animate"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Tax Systems &amp; Dividend Policy | CFA L2<\/title>\n<meta name=\"description\" content=\"Learn how split rate and dividend imputation tax systems affect corporate earnings, dividend taxation, and investor returns 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