For Australia, you have to take franked dividends into account. When profits flow onto shareholders, the shareholders receive tax credits for tax that the comp

For Australia, you have to take franked dividends into account. When profits flow onto shareholders, the shareholders receive tax credits for tax that the company has paid on its profits. The result is often that, by the time corporate profits end up in the shareholder's pocket, there is 0% effective corporate tax over and above personal income tax paid on the dividend. EDIT: That's for profits. Companies still have to deal with state payroll tax, collection of sales taxes, etc.