The Individual Income Tax Act (630): Difference between revisions
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''An act to fund government expenditure from individual revenues.'' |
''An act to fund government expenditure from individual revenues.''<br> |
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''AMENED by the [[Amendment: The Individual Income Tax Act (630)]]''<br> |
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==Article 1 - The Income Tax== |
==Article 1 - The Income Tax== |
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:1.1 - Creates a progressive tax on all earnings by citizens of the Republic set at the median annual tax rate of |
:1.1 - Creates a progressive tax on all earnings by citizens of the Republic set at the median annual tax rate of 35%, and sets Income Tax Brackets as follows:<br> |
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:1.2 – The first ₣15,000 of Income shall be tax free<br> |
:1.2 – The first ₣15,000 of Income shall be tax free<br> |
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:1.2 - ₣15,000 - ₣30,000 shall be taxed at |
:1.2 - ₣15,000 - ₣30,000 shall be taxed at 20%<br> |
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:1.3 - ₣30,000 - ₣60,000 shall be taxed at |
:1.3 - ₣30,000 - ₣60,000 shall be taxed at 37%<br> |
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:1.4 - ₣60,000 - ₣120,000 shall be taxed at |
:1.4 - ₣60,000 - ₣120,000 shall be taxed at 56%<br> |
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:1.5 - ₣120,000 and over shall be taxed at |
:1.5 - ₣120,000 and over shall be taxed at 72% |
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Revision as of 01:30, 15 March 2024
An act to fund government expenditure from individual revenues.
Passed on 26 Sep 2021 with 5 Aye, 0 Nay, 0 Abstain,
AMENED by the Amendment: The Individual Income Tax Act (630)
Article 1 - The Income Tax
- 1.1 - Creates a progressive tax on all earnings by citizens of the Republic set at the median annual tax rate of 35%, and sets Income Tax Brackets as follows:
- 1.2 – The first ₣15,000 of Income shall be tax free
- 1.2 - ₣15,000 - ₣30,000 shall be taxed at 20%
- 1.3 - ₣30,000 - ₣60,000 shall be taxed at 37%
- 1.4 - ₣60,000 - ₣120,000 shall be taxed at 56%
- 1.5 - ₣120,000 and over shall be taxed at 72%
