Lump-Sum Tax

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Lump-Sum Tax

A tax in which the taxpayer is assessed the same amount regardless of circumstance. An example of a lump-sum tax is a $55 fee on all employees who work in a township. Another example is tag fees on vehicles, which are the same regardless of the income of vehicle owners. Lump-sum taxes are regressive, meaning persons with lower income pay more as a percentage of their income.
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Not only that, but within a defined contribution scheme, should the pension holder die before age 75 the beneficiaries can take the money as income or as a lump sum tax free, subject to lifetime allowance limits.
It was our proposal that 20 percent lump sum tax should be recovered from us because 40 per cent tax evading mafia evades their tax every year by changing the name of industry and company and if government collects this tax lump sum then at least 15 to 20 billion rupees can be collected annually.
According to several TV stations, President Michel Aoun, caretaker Prime Minister Saad Hariri and caretaker Finance Minister Ali Hasan Khalil decided to freeze the implementation of the lump sum tax.
Its spending is financed by a lump sum tax levied on households and by foreign loans.
But it deleted the line imposing a flat rate lump sum tax on small and medium enterprises.
Such a model allowed me to analyze how three different policies, unemployment benefits, a formal lump sum tax, and a job creation subsidy, affect the levels of informality in the labor market.
In fact, instead of applying [T.sub.11] to all agents with positive incomes and [T.sub.10] to the agents with zero income at t = 1, we could equivalently apply a uniform lump sum tax [T.sub.1] = [T.sub.11] to all agents (regardless of income) and give a disability (on unemployment) benefit B = [T.sub.11] - [T.sub.10] to those who earn no labor income at t = 1.
For lot 1, the maximum amount from the order is fixed at 5% of the lump sum tax for 12 months.
Cars may be covered under lump sum tax across all the states and the sale price of the vehicle before VAT (value added tax) may be adopted as the base for the purpose of calculation of tax."
A week went by and the government and the guilds both then announced July 12 a settlement by which the lump sum tax would rise 15 percent, not 70 percent.
AIT depends on the type of pension plan you have but, for example, if you have a personal pension, up to age 75, the whole fund could be paid out as a lump sum tax free.