The Individual Income Tax Act (630)

An act to fund government expenditure from individual revenues.

Passed on 26 Sep 2021 with 5 Aye, 0 Nay, 0 Abstain,

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 18%

1.3 - ₣30,000 - ₣60,000 shall be taxed at 35%

1.4 - ₣60,000 - ₣120,000 shall be taxed at 49%

1.5 - ₣120,000 and over shall be taxed at 65%