The social, economic and financial implications of corporate taxes are important for corporations because it will affect the status and operations of the business. This paper will evaluate the significance of taxes imposed on corporate income and how to integrate proper tax planning. Qualitative research method are suitable for this research in order to produce data from journal articles and published books. Some research papers might also be useful and taken into consideration to generate valuable finding to answer the objectives of this paper. The results indicate imputation system appears as an effective method for taxes in corporation, an assumption of dividend relief is favourable to decrease corporate tax rate, a rational and conclusive distribution of tax burden can be achieved using imputation system.