Submitted by chester clarke on Sunday 1st August 2021
Published on Monday 16th August 2021
Current status: Closed
Closed: Wednesday 16th February 2022
Signatures: 53
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Tagged with
Albania ~ Corporation Tax ~ Estonia ~ Flat ~ income tax ~ INCREASE ~ insurance ~ Latvia ~ Macedonia ~ Montenegro ~ National Insurance ~ Ratings ~ Reform ~ RISE ~ Romania ~ Russia ~ system ~ Tax ~ Years
Introduce a flat tax system rate for over £20,000 annual income
There should be one tax rate between 10% to 20%, rather than progressive taxation rates of earnings rise. This is to simplify the system with a flat-tax structure devised in which one single rate covers income tax, national insurance, corporation tax, value-added taxes and inheritance tax
In 1994, Estonia replaced three tax rates on personal income, and another on corporate profits, with a uniform rate of 26%. Latvia & Lithuania followed, as did from 2001 Russia, with a rate of 13% on personal income and Slovakia. In the following years several other countries including Romania, Macedonia, Montenegro & Albania, all introduced a flat tax system. The most studied of these examples is Russia, where evidence from the IMF suggests that its 2001 reform did increase compliance.
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