standard rate of taxation

standard rate of taxation

the basic rate of INCOME TAX, for example, 25 pence per £1 of taxable income. In a PROGRESSIVE-TAXATION system the standard rate of taxation applies only to the initial taxable income band, those with taxable income in excess of the initial band paying a higher MARGINAL RATE OF TAXATION on this additional income.
References in periodicals archive ?
Although there is no standard rate of taxation that is followed worldwide, economists have agreed that it should be at least 20 percent of the Gross Domestic Product (GDP).
And even though, thanks largely to the tiger's economic boomtimes, the standard rate of taxation now stands at a relatively modest 22 per cent and the higher one at 44 per cent - down nearly a third from that grimmest of periods - Ireland retains one of the higher tax regimes in the European Union.

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