'Consultations for flat tax
scheme are in the final stage and will achieve finality soon.
The minister also informed the businessmen that the government had been involved in consultation with traders' organizations in Islamabad for implementing flat tax
scheme in the capital to facilitate small traders.
Along with the flat tax
rate, TCJA allows for an expanded bonus depreciation that allows 100 percent deduction for both new and used qualified assets placed in service after Sept.
One of their arguments for introducing a progressive tax rates is the fact that from 2003 to 2006 when there was a progressive tax rate, the average growth rate was 4.2 percent and that when a flat tax
rate was introduced in 2007 the growth rate dropped to 2.8 percent.
The other benefit of availing yourself of the optional flat tax
is the simplification of compliance with requirements.
Analysts believed that flat tax
would be less advantageous than the current scheme.
Addressing a seminar "Viability of Flat Taxation in Pakistan" organized by the Lahore Chamber of Commerce and Industry on Saturday, the speakers said as compared to traditional tax system, a flat tax
was extremely simple.
Michael Burgess (R., Texas) testified on behalf of the Flat Tax
Act, his proposal to give businesses and individuals the choice to opt in to a 17% flat tax
and to be taxed on a cash flow basis for business activities.
They are least likely to support cutting everyone's taxes and implementing a flat tax
--We introduced the lowest flat tax
in Europe of 10%, we liberated companies from paying taxes for undistributed income, by introducing corporate income tax of 0% if the profit is reinvested, and we reduced the contribution rates for pension and health insurance.
Instead, aAaAaAeAeAaAeAeA flat tax
means that everyone pays the same tax rate.
- Ted Cruz unveiled a plan late Wednesday that calls for a "simple flat tax
" of 10 percent and promises to grow the U.S.