Flat Tax Revolution in Central Europe

Backgrounder:

Flat Tax is type of taxation structure where everybody is taxed uniformly at a single rate. Under such a system, in place of a multiple and intricate income tax slabs, the state stipulates a ceiling, exceeding which everyone pays a fixed rate on all their income. With a view to encourage tax payment instead of tax evasion, the ceiling limit is fixed low enough which provides an incentive for the citizens to pay tax. Under the Flat Tax system, there is a single taxation on its inception. In respect of corporate tax, the concept is also similar where there is a similar structure for everybody. Several countries have adopted Flat Tax is a phased manner starting with Estonia in 1991, Latvia in 1994, Lithuania in 1994, Russia in 2001, Serbia in 2003, Ukraine in 2003, Slovakia in 2003, Georgia in 2004 and very...
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