flat tax


Also found in: Financial, Wikipedia.
Related to flat tax: National Sales Tax

flat tax

n.
An income tax having a single rate for all taxpayers regardless of income level and type.
Mentioned in ?
References in periodicals archive ?
Something that is always left out in the discussion over a flat tax vs.
This action succeeds his previous announcement on the same platform on May 26, 2019, when he said that the government will be implementing promissory notes for immediate clearance of pending funds, flat tax rates for small traders in Islamabad, and single portal online filing of sales tax with provinces.
Senator Richard Shelby (R-Ala.) re-introduced legislation to establish a flat tax on all income, known as the Simplified, Manageable, and Responsible Tax (SMART) Act.
ISLAMABAD -- Ensuring the businessmen of Islamabad that a balanced rent control bill would be presented in the parliament soon, Minister of State for Revenue Hammad Azhar said on Thursday that the flat tax scheme would be implemented in the capital city within a couple of weeks to facilitate small traders.
ISLAMABAD -- Ensuring the businessmen of Islamabad that balanced rent control bill would be presented in the parliament soon, Minister of State for Revenue, Mohammad Hammad Azhar Thursday said the flat tax scheme would be implemented in the capital city within a couple of weeks to facilitate small traders.
"Bulgaria has a low flat tax and that's great, it's one of your good advantages as a country, and if you look at the World Bank's analysis, you'll see that the bank's experts are finding a tax problem, the flat tax is just one tax, but if you want to register a medium-sized business in Bulgaria, it takes 453 hours a year, in Central Asia and elsewhere in Europe, registration takes about 250 hours, saving time.
For C corporations, the new flat tax rate of 21 percent is the most publicized change.
Instead of increasing taxes on just the wealthy as the #InvestInEd initiative proposes, I propose raising income taxes on everyone by switching from a marginal tax system to a flat tax system.
The Government finally has opened a public debate on the issue of tax, in an attempt to change the current concept of flat tax of 10%.
One of the reasons for this is the fact that the present flat tax rate failed to result in higher economic growth rates and instead led to growing poverty and inequality.
For all the interest surrounding the changes in the income-tax bracket, not enough spotlight has been shone on the optional flat tax.
In the old scheme under the 1997 Tax Code, the income ranges and schedules are different with smaller increments, with a 5-percent tax on those earning no more than P10,000; a P500 flat tax plus 10 percent of the excess for those earning P10,000 to P30,000; a P50,000 flat tax plus 30 percent of the excess for those with incomes ranging from over P250,000 to P500,000, and so on.