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Income Tax

In: Taxation in Finance and Accounting

Author

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  • Joaquim Miranda Sarmento

    (Universidade de Lisboa)

Abstract

Almost all countries have a personal income tax, which taxes individuals’ income, such as salaries, rents, pensions, dividends, profits, and interest, among other income. In this chapter, we explain the main principles that most income taxes around the world follow, namely: the definition of the several types of income, the issue of residence and tax obligations in the taxpayer’s country of residence, and also in countries where the taxpayer is non-resident, but also earns income, as well as the issue of the tax period. Furthermore, we also discuss the income tax structure and the objectives of the income tax. Finally, the relevant topic is the type of income tax rate: proportional, “flat-rate,” progressive, or negative income tax. According to the economic literature, we then analyze each type of tax rate, how they work, and the main advantages and disadvantages of each tax rate. A few examples and exercises are also provided.

Suggested Citation

  • Joaquim Miranda Sarmento, 2023. "Income Tax," Springer Texts in Business and Economics, in: Taxation in Finance and Accounting, chapter 6, pages 113-125, Springer.
    • Handle: RePEc:spr:sptchp:978-3-031-22097-5_6
    DOI: 10.1007/978-3-031-22097-5_6
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