Company Social Responsibility (CSR) and corporate taxation are widely researched topics in the field of accounting with taxation being increasingly factored into the broader measurement of CSR. This chapter emphasizes taxation as a vital element of CSR from the perspective of social value creation. Whether corporate tax payments can pay off financially is examined empirically in this chapter. Specifically, corporate tax contribution is quantified via an important component of Social Contribution Value Per Share (SCVPS) developed by the Shanghai Stock Exchange (SSE) in China. By analyzing SCVPS through the perspectives of two CSR theories, namely stakeholder theory and legitimacy theory, this chapter suggests that corporate taxation is not only a medium of communication between corporations and the government, but also a source of social value creation.