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.
Collins Dictionary of Economics, 4th ed. © C. Pass, B. Lowes, L. Davies 2005
Mentioned in ?
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).
VIEW: The state of the Pakistani economy -Ishtiaq Ahmed
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.
SM Money: Taxing problem of over-payment

Financial browser ?
Full browser ?