The corporate tax, in French "impot sur les societes "(IS), is an annual tax in principle that affects all profits made in France by corporations and other entities. It concerns about one-third of French companies. The standard rate is 33.3% for all of their activities. In 2016, the net proceeds from corporation tax amounted to €29.9 bn. The taxable income is equal to the difference between gross profit and costs and deductible expenses. The gross operating profit is made by the difference between sales and costs. In addition to the gross operating profit, all income or profits made apart are normally taxable: income from the rental of property, interests, deposits and bonds. A reduced rate applies to a limited number of Long Term Capital Gains. Since 2012 a tax credit equal to 7% of total salary costs can be deducted from the gross tax due.