ࡱ> )+&'(w}q` KbjbjqPqP :::Uk־(&E4E4E4$chˍbԉQQ3E4QQԉ&gt%dededeQ (&deQdeder nT  o&ʾ ATC"Y^njoD;0kln-6^- o- o`E4N >\deEKE4E4E4ԉԉTeE4E4E4kQQQQ INTRODUCING THE LINEAR INCOME TAX SYSTEM IN CROATIA Fran Galeti Ekonomski fakultet Zagreb fgaletic@efzg.hr 098/693-396 Bojan Mori Milovanovi Ekonomski fakultet Zagreb bmoric@efzg.hr 098/1678-582 Summary: Mission of every tax is to collect funds in governments budget, and always should be taken care about simplicity of tax. Income tax is one of the most complicated taxes in tax system. Today's income tax in Croatia is not simple at all. Many countries have decided to apply flat-tax system for income taxation. Such a change brings many differences in the system, and overall effects are positive. This paper analyses countries who have applied flat-tax system, and gives solutions for Croatia. In first part we give summary of existing income tax system in Croatia. Than in second part we show tax rates that can be implement, third part is about Laffer curve. Forth part gives retrospection on Hall- Rabushka model, and fifth part is introduction of flat tax system. Sixth part gives all details about income tax system in countries that had applied it. In seventh part we give reasons for implementing flat tax system. Eighth part gives review of flat rate on calculation of advance income tax from dependent work on few examples. Ninth part is about who receive the most from flat tax. Introducing some examples we show savings that occur because of changing tax system. Key words: income tax, tax rates, Laffer curve, flat tax, Hall-Rabushka model Introduction Mission of every tax is to collect funds in governments budget, and always should be taken care about simplicity of tax. Income tax is one of the most complicated taxes in tax system. Today's income tax in Croatia is not simple at all. Moreover, it can only be understood by people who deal with it or who study it. Maybe the best proof of complexity of income tax system is the time needed for processing annual tax return. Applications for tax return have to be returned by the end of February, but they are being processed till the end of the year, sometimes even longer. Because of complexity of income tax, Croatia should establish new, simpler income tax system. Although usage of more tax rates is not the only reason of complexity of tax system because there are many privileges that can be used, problems of defining tax basis and defining income, but surely introduction of one rate would make taxation simpler. In first part we give summary of existing income tax system in Croatia. Then in second part we show tax rates that can be implemented, and third part is about Laffer curve. Forth part gives retrospection on Hall-Rabushka model, and fifth part is introduction of flat tax system. Sixth part gives all details about income tax system in countries that had applied it. In seventh part we give reasons for implementing flat tax system. Eighth part gives review of flat rate on calculation of advance income tax from dependent work on few examples. Ninth part is about who receive the most from flat tax. On some examples we show the savings from changing tax system. Taxation of income according to existing law At the moment in Croatia income is taxed according to Income tax law from 2004. Tax payer is every natural person who generates income. Tax basis on which tax is calculated makes overall amount of income, including: income from dependant work, income from independent activity, income from asset and assets rights, capital income, insurance income, other income. According to existing Tax income law, in Croatia is applied direct break progression. Tax payers of income tax pay tax according to 4 tax rates, depending of the amount of their income. Income tax is paid by rate of 15% from tax basis to the amount of double basic personal deduction, by rate of 25% on difference tax basis between double and quintuple amount of basic personal deduction, by rate of 35% on difference tax basis between quintuple and fourteen amount of basic personal deduction, and by rate of 45% on tax basis above fourteen amount of basic personal deduction. Using this rule of basic personal deduction which is 1600 kuna, we get monthly amount of income: Table 1: Income tax rates in Republic of Croatia Monthly amount of incomeTax rate (%)less than 3.200,00 kn153.200,00 8.000,00 kn258.000,00 22.400,00 kn35more than 22.400,00 kn45 Mentioned rates are related to income tax from dependent work and income from independent activity. Income from asset is taxed by rate of 15%, same as insurance income. Capital income is taxed by rate of 25% or 35%, depending on capital income type. Other income is taxed by rate of 25%. Next to taxation with many rates, tax recognized expenses which vary from 0 to 55% depending on accomplished income type, contribute to complexity of taxation. Further, there are many tax privileges and liberations, and all that make income tax very unintelligible to ordinary citizens. Tax rates Generally we can divide tax rates in three groups: Progressive Linear Regressive Progressive tax rates are characterized by their growth with the growth of tax basis, which means that tax is paid at higher rate as basis is growing. Usually, we apply breaking progression, which means that we pay tax at higher rate on the part of the basis which crosses specific limit, not on the whole amount. Progressive tax rates are often applied by income taxation. But with growth of tax rate, tendency to tax evasion is growing. Because of that, government lose part of the revenue from income which it did not succeed to tax. Linear tax rate is unique rate which applies always, no matter on size of tax basis. By the most of taxes we apply linear tax rate. More and more countries are applying linear tax rate, linear tax system does not put out progressive taxation. Introduction of basic personal deduction in equal amount for all tax payers is just introduction of progression in taxation. It is all about indirect progression, which is main characteristic of majority linear tax systems. Regressive tax rates mean that with growth of tax basis tax rates are falling. Therefore, increased tax basis decreases applied tax rate. We can also apply breaking regression, lower rate apply just on the part which crosses specific amount. Usually regressive tax rate are not used. Laffer curve There is a functional relationship between tax rate and the amount of collected revenue from taxation. Arthur B. Laffer studied that phenomenon, so the curve which shows that specific relationship is called Laffer curve (graph 1). With growth of tax rate, collected tax grows, after certain level it begins to fall. At low tax rate, collected tax grows with the growth of income, that growth begins to fall to the top point which is realized by tax rate T*. Every further growth of tax rate will decrease collected tax on which is applied mentioned rate. Higher income tax, above T*, means lower collected tax. There are two reasons of lower collected tax. First one is legal; people work less because they think it is not worth to work for so small salary which they get after paying tax at extraordinary high rate. The second reason is illegally tax avoidance, by not reporting or setting up applied amount. Graph 1: Laffer curve  Final case which Laffer curve shows is related to taxation by tax rate of 100%. In that case no one would work, because for their work they would not get anything because government would take all their earnings. Laffer curve shows one very important fact. Government can collect specific amount of tax on two ways: taxation of smaller number of persons by higher rate or taxation the large number of persons by lower rate. The goal of every tax system should be to set wider basis, so in accordance to that as logic solution is taxation larger number of persons by lower rate. According to income taxation by progressive rates it is possible that the highest rates (35% and 45%) are on the right side of T* , but that is hard to affirm because there is no specific rule for analysis, and opinions of different authors are not unique. Croatian income tax system discourages additional work, especially that ones with higher income. Because of that decreeing of mentioned rates, or applying common tax rates would increase states revenue because in case that we are in right part of curve we would move in direction of maximum point, T*. In that case people would be stimulated to work more, savings and investment would grow, which would have positive affect on development of economy. On growth of tax revenue significant influence has fall of tax evasion. Hall-Rabushka model Robert Hall and Alvin Rabushka from Hoover institute wrote a book which is called The Flat Tax (1985), book which media magnate Steve Forbes called flat tax bible. Tax reform, according to Hall and Rabushka, is based on one tax rate for all sources of income, and presents fundamental change in way on which countries would collect tax. The mentioned model according to authors generates simplicity, economic efficiency and fairness, which present traditional measures of tax efficiency, and also provide collecting necessary revenue for financing government. Main characteristic of flat tax system is that all types of income are taxed once and only once. Currently, progressive tax system violates previously mentioned principles in few cases. Some types of income, such as fringe benefits, are not taxed. Others types, such as dividend or capital income, are double taxed; first time on the level of corporation as profit tax, second time on the level of shareholders as capital tax. Some types of income, as interest income, can be taxed or exempted, depending of ability tax payer for tax avoidance. By the radical simplification of tax system, abolition of tax deduction and privileges, and elimination of double taxation, flat tax system would decrease imperfections of current tax system. Next important aspect of flat tax is that income is taxed uniformly, without different rates between different amounts of income. Overall income is classified as capital income or as salary where both types of income are taxed by equal rate. The quality of Hall-Rabushka model, which characterized it as progressive tax system, is that individuals and families with low income do not pay tax. So, within flat tax system significant number of households with low income would not pay any tax, meanwhile households with income above limit of exemption would pay tax on amount which crosses mentioned limit. According to Hall-Rabushka model only payments from salaries, wages and pensions are personal income, and they are taxed as personal income. Unlike of income from business activity, as dividend, capital income, interest and fringe benefits which are not taxed as personal income because they are already being taxed at the level of corporation. Income from business activity within mentioned system is not taxed twice. Since in flat tax system all privileges are abolished, individuals and families can on simple way calculate taxed part of income on the way that in their income they include all earnings from salaries, wages and pensions which than deduct for amount of personal exemption whereby they get amount of income which is taxed. Obtained amount is multiplied with the amount of flat tax rate, which presents individual or family tax which is needed to be paid in a given year. Amount of personal tax = flat tax rate*((wages, salary, pension) amount of personal exemption) Second element of Hall-Rabushka model shows that is necessary to tax every part of income which is not related to wages, salaries or pensions. It tells about taxation of business activity which does not have any tax allowances from interest payment, dividends or any other form of payments to shareholders. Since overall income which individuals get is already taxed, which means it came from business activity, tax system has no more needs to worry what is going to happen with interests, dividends or capital income after they once leave corporation. We can get income from business activity which needs to be taxed on following way. From overall income of corporation from trade are deducted three types of payments. Firstly, corporation should deduct salary, wages and pensions paid to workers, since income tax is going to be paid on this basis. Then, corporation needs to deduct all amounts obtained inputs from other corporations, because salesman of mentioned inputs had already paid tax. The last one, corporation should deduct whole investment cost (equipment and facility) as cost of supply of current year. Mentioned exemption of investment encourages recapitalization and removes all amortization amounts of future periods, and also removes need for bureaucracy. Amount of business tax = flat tax rate * (overall revenue from products and services wages, salaries and pensions paid to workers cost of supply of inputs from other corporations cost of supply of equipment and facility) One of the worst elements of current tax system is that it discourages savings and investment because of high tax rates and double taxation. But Hall-Rabushka model sets out saving and investment from mentioned dissimulation system of taxation, flat tax is established as consumption tax, and offers 100% tax privilege on investment and exclude savings return in form of interest and dividends from taxation. Mentioned shows the fact of more effiency system if we use consumption tax system, and also the fact of making better and more stimulating environment which results in more savings and forming capital. Taxation of income by linear rate in practice Creators of idea of taxation of income by common tax rate no matter on their size are American scientists Alvin Rabushka and Ernest Hall. Although their idea has not been accepted in the USA yet, it moved to other countries. Estonia became first European country that applied linear tax rate in 1994. And not only in the income tax system, but it also adjusted the same rate in the corporate tax system. So in Estonia on both taxes is applied common rate of 26%. Example of Estonia followed neighbouring countries Lithuania and Latvia, by introducing common rate of 33% and 25%. Few years later Russia introduced common income tax rate too. The most known example to us is Slovakia which applied model 3*19. Model is related to three most important taxes (income tax, corporate income and value added tax) with common rate of 19%. The most important part of that model is related to income tax, because other two were linear taxed before, so that change did not bring them anything revolutionary. Realizing success of Slovakian model and other countries are moving more to analysis similar models. So, Poland is considering 3*15 model, which would be almost identical to Slovakia model but with lower general rate (15%). Further analyze is performed in next chapter. Linear tax in practice (review according to countries) In this chapter is given short review of countries which implemented linear tax system and we also analyzed in which direction economy of these countries moved after changing tax system. Therefore, it will be given short historical review from which is possible to get specific pragmatic conclusion about efficiency, advantages and also disadvantages of linear tax system compared to progressive tax system. Of course, every country is necessary to be observed separately and also tax system is just one of many economic elements. First economies which introduced linear tax rate were Hong Kong (introduced 1947.), Guernsey and Jersey (introduced 1940.). From middle nineties of past century there are more countries which accepted linear tax system. Majority of those countries are countries of Middle and Eastern Europe came out of collapse of communism and Soviet Union. Pioneers of flat tax system were Baltic countries, Estonia and Lithuania which introduced linear tax system in 1994, then Latvia joined year after. Because of their excellent macroeconomic indicators, their example followed Russia, which introduced it in 2001, two years after Slovakia, Ukraine and Serbia joined them, hoping to have positive experience such as mentioned three Baltic countries. Last countries which introduced flat tax system are: Iraq (2004), Georgia and Romania (2005.). Table 2: Governments who introduced linear tax system CountryTax rate (%)Year of introductionGuernsey201940Jersey201940Hong Kong10194712,51950151966162003Estonia261994232006Latvia251994Litva331994Russia132001Slovakia192004Ukraine132004Serbia142003Iraq152004Georgia 122005Romania162005 Estonia Estonia as ex-Soviet communism country is on unbelievable sixth place according to index of economic freedom in the world. This remarkable transformation from planned to market economy is a result of many reforms which were taken at beginning of 1990s, such as market liberalization, intensive privatization and enforcement of small government budget and low governments expenditure policy. Ignoring directions and advices of IMF about gradually growth of tax rates, 1994 Estonia introduced flat tax system with tax rate of 26% which gave great results on economy. To encourage forming more capital, recapitalization taxes are removed. Because of their simple tax system Estonia attracts more foreign capital then ever, so in 2003 foreign investment made even 10,2% of BDP. Thanks to dynamic economy and growth of foreign investment Estonia realized average economic growth of 7%. Importance of flat tax system for Estonian economy can be seen in fact that Estonian government persist in decreasing tax rate of 26% to acceptable 20% till 2009. (See graph 2.). On that way in 2004 Estonia reduced the tax rate from former 26% on current 23%. Also, amount of personal exemption increased during past few years and now is 24,000 EEK what is 1,534 euro (see graph 3.). On this determination of reducing tax rate affected neighbourhood countries which also introduced flat tax system but with lower tax rate, such as Russia which has rate of 13%, how it could keep and attract foreign capital. Change from progressive rate to flat rate did not have negative affect on government budget. On the contrary, we can say it did not have negative effect because general tax basis stayed unchanged. By reducing tax rates and removing different stimulations tax basis have spread. Table 3 shows revenue from income tax comparing to revenue of government before and after tax reform in 1994. Part of income tax which receives local government is increasing constantly since 1994, so in Estonia till 2010 local government is going to receive bigger part of income tax revenue (see graph 4.). Graph 2: Tax rate for natural and legal persons  EMBED Excel.Chart.8 \s  Table 3: Revenue from income tax compared with government revenue before and after 1994. Real growth of GDP-a (%) Taxes (% GDP)Income tax% GDPEEK (millions)1990-6,51991-13,631,76,6120,01992-14,229,26,5856,91993-8,534,88,01 832,11994-1,636,47,62 388,219954,535,48,33 593,119964,534,07,84 353,7199710,534,97,65 240,019985,234,28,06 239,11999-0,132,88,06 531,820007,831,67,16 594,420016,730,76,87 099,120027,231,96,77 806,420036,732,96,98 818,220047,832,56,79 416,920059,333,56,19 727,0 Graph 3: Amount of personal deduction (in euros according to calendar year)  EMBED Excel.Chart.8 \s  Graph 4: Collected income tax in Estonia  Lithuania and Latvia Lithuania and Latvia followed example of Estonia in the reform of fiscal system. Flat tax system in Lithuania was introduced in 1994 with tax rate of 33%, while upper limit of capital tax rate is 15%. One year after Estonia and Lithuania introduced flat tax system, Latvia joined them with the reform of tax system in 1995. Income tax rate is 25%, while capital tax rate was reduced from 19% in 2003. to 15% in 2004. It is not surprising that both of these countries had period of constant growth. If we look just BDP as indicator of economy, GDP increased in both countries last three year in average of 7,3%. Estonia, Lithuania and Latvia were first three eastern European countries which have shown that with rationally economic reforms, former communism countries can transform to market economy which is very attractive to investors from all over the world. Implementing flat tax system in all three mentioned countries helped in generating competitive market environment, and they successfully avoided budget deficit. Russia Many economists were surprised when in 2001. Russia introduced flat tax system with tax rate of only 13%, while capital income tax rate was 24%. By simplifying the tax system and making it more efficient than before 2001, Russia opened its doors to foreign capital. Table 4: Structure of income tax rate before and after reform Before reform (2000.)After reform (2001.)Taxed income (in rublji) Taxed incomeTaxed income (in rublji)Marginal rateUnder 3,1680Under 4,8000from 3,168 to 50,00012Above 4,80013from 50,000 to 150,00020above 150,00030 Four years after tax reform, overall real revenue from income tax had doubled. Revenue from income tax, corrected for inflation, increased by 25,2% in 2001, 24,6% in 2002. and 15,2% in 2003. The mentioned constant growth of revenue from income tax is a result of reduced tax evasion, increased stimulation for work, savings and investments. Also, after tax reform, the GDP had constant growth of 5,1% in 2001, 4,7% in 2002, and impressive 7,3% in 2003 and 7,1% in 2004. Average annual rate of growth of real GDP during past four years was 6%, which is bigger than growth rate in developed countries. It is too early to talk about overall influence of tax reform on Russian economy, but we can certainly say that by introducing flat tax system Russia made significant step to simplifying tax system and attracting foreign capital. Graph 5: Revenue from income tax in Russia  Slovakia Till 2004 Slovakia had tax system which had 443 types of income, taxed with overall 21 tax rates. Income tax was cut in five category taxed with tax rates of 10, 20, 28, 35, 38%. In practice were also few flat tax rates. New system of flat tax, which is in practice since 1st January 2004, admits just one rate of 19%. Value added tax was 14 and 29%, but now is 19%. Profit tax was reduced from 25% to 19%, with removing double taxation it became very good accepted in business sector. New law of taxation eliminated 80% of all privileges and exemptions. Untaxed monthly income of citizens in 2005 was SKK 8,462, so tax rate of 19% would be calculated only if income crossed the mentioned amount. For an example, person with monthly income of SKK 15 000 would pay tax of SKK 1076 monthly, what presents 7,2% of his income, while person with income of SKK 100,000 would pay SKK 16,532 what presents 16,5% of his income. On that way progressive tax system is insured (see graph 7). In addition, tax system became more transparent after reform in 2004. Graph 6: Income tax before and after reform  According to the World Bank, Slovakia is the best reformer in the world, it is in the top twenty countries in the world with the highest level of inclination in business sector. Simplifying administration and reducing tax encourages development of entrepreneurship, and significant growth of foreign investment. As a result of all mentioned above, 116,000 new working places opened in just three years, reducing unemployment rate from 19,8% in 2001 to 11,4% in 2005. Also, growth rate of GDP increased from 4,6% in 2002 to 6% in 2005, which shows significant growth of GDP after tax reform (see graph 8). Graph 7: Progressive flat tax system  Graph 8: Movements of real GDP in Slovakia  Graph 9: Tax rate of investors From macroeconomic and budget point of view it is too early for giving any grades and results of influence of tax reform. The only thing we can say is that tax reform is in accordance with expectations, and with lower tax rate successes to collect equal revenue from income tax before introduction of flat tax system, but with significant difference which is reducing budget deficit, what is one of goals of fiscal policy (see table 5). We could say that one of the reasons of success and reduced tax evasion induced by lower tax rates. It is necessary to emphasize that tax reform contributed to increasing credit rating of Republic of Slovakia, which grew on (A-). About what kind of transformation Slovakia had experienced by introducing flat tax system speaks the information of World Bank by ranking Slovakia on high 37th place. Just for comparison, Republic of Croatia was ranked on 118th place. Table 5: Earnings ad expenditures of general government before and after tax reform  Serbia and Ukraine According to the success of flat tax system in Estonia, Lithuania, Latvia and Russia, government of Serbia introduced in 2003 similar model. Income tax rate for individuals, and profit tax rate were 14%. On that way Serbia became country with the lowest income tax rate in Europe. Of course, government wanted to attract foreign capital, and about its success is too early to talk. Ukraine followed Russia by taking common rate on personal income of 13%, while capital tax rate was reduced from high 30% to 25%. Romania and Georgia Newly founded government of Romania has just in three days made the decision about tax reform which Romanian parliament accepted. From the beginning of 2005 Romania started to apply flat tax system with flat tax of 16% on personal income, capital income and value added tax. Romania decided to apply flat tax to simplify tax system and to reduce tax to increase employment, to become more competitive on her way to EU, and also to attract foreign capital. It is very interesting fact that at the end of 2005 Romania raised her credit rating for one grade, which is one more proof of successful Romanian tax reform. Because of increased credit rating Romania has possibility to get into debt at lower capital cost, and investors have more trust in financial stability. Georgia has also introduced flat tax in 2005 with surprisingly low tax rate of 12%. At the moment that rate is the lowest in the world. Introduction of flat tax system in Georgia was one of two priorities and electoral promise of new government. Reasons for implementing flat tax On the basis of mentioned we can list all the reasons there should be applied flat tax. There are 5 main reasons: Avoiding double taxation as it is already said, flat tax system in combination with coherent income tax system leads to taxation all types of incomes just once. Increased revenue from tax with more work and less tax evasion government is going to collect more tax. Simplicity flat tax system, by reducing different tax privileges, makes calculation of tax easier and reduces time necessary for filling tax return and tax control. Social sensibility persons who generate low income are not going to be taxed, but others will pay tax just on the part of the basis which crosses given limit as existential minimum. Avoiding tax evasion because of lower rates that pay those with high income, tax evasion is reduced because opportunity cost of avoiding tax paying is lower. Flat rate on calculation of advances on income from dependent work Table 4: Example of taxation of income with existing rates Example 1Example 2Example 3Example 4Example 5Salary2500,004000,008000,0020000,0035000,00Pension contribution500,00800,001600,004000,007000,00 I pile (15%)375,00600,001200,003000,005250,00 II pile (5%)125,00200,00400,001000,001750,00Income2000,003200,006400,0016000,0028000,00Personal exemption1600,001600,001600,001600,001600,00Tax basis400,001600,004800,0014400,0026400,00Tax15%60,00240,00480,00480,00480,0025%0,000,00400,001200,001200,0035%0,000,000,002240,005040,0045%0,000,000,000,001800,00Overall tax60,00240,00880,003920,008520,00Additional tax10,8043,20158,40705,601533,60Overall tax and additional tax70,80283,201038,404625,6010053,60Net salary1929,202916,805361,6011374,4017946,40 Let's see few examples of calculation advances income tax from dependent work according to existing system. From salary we deduct pension contribution, which is divided on first pile in which is invested 15% and second pile in which is invested 5%. On that way we get amount of income from which should be deducted amount of personal exemption. That difference presents tax basis, on which is tax calculated by adequately tax rate. On tax is also calculated additional tax, which is imposed by local authorities. At the end by deducting tax and additional tax from income we get net salary available for consumption or saving. In all mentioned 5 example we assumed usage of same personal exemption of 1600kunas. We also used same rate of additional tax, rate which Zagreb uses of 18%. Now look how the same calculation would look in flat tax with common rate of 20% with personal exemption of 3200 kuna. Rate of 20% is taken as middle between existing first and second grade, because we assume that flat tax rate is between those limits, between 15% and 25%, because higher rate would be unfair for those with lower incomes. Exemption of 3200 kuna is taken as limit of grade, so those with low income of 3200 kuna are in better position. Table 5: Example of income tax with common rate of 20% Example 1Example 2Example 3Example 4Example 5Salary2500,004000,008000,0020000,0035000,00Pension contribution500,00800,001600,004000,007000,00 I pile (15%)375,00600,001200,003000,005250,00 II pile (5%)125,00200,00400,001000,001750,00Income2000,003200,006400,0016000,0028000,00Personal exemption3200,003200,003200,003200,003200,00Tax basis0,000,003200,0012800,0024800,00Tax(20%)0,000,00640,002560,004960,00Additional tax0,000,00115,20460,80892,80Overall tax and additional tax0,000,00755,203020,805852,80Net salary2000,003200,005644,8012979,2022147,20 It is obviously that all net salary grew. But is it possible that higher salaries grow in smaller amount than in this case? How can government collect more tax? Let's look next calculation Table 6: Example of taxation of income with common rate of 25% Example 1Example 2Example 3Example 4Example 5Salary2500,004000,008000,0020000,0035000,00Pension contribution500,00800,001600,004000,007000,00 I pile (15%)375,00600,001200,003000,005250,00 II pile (5%)125,00200,00400,001000,001750,00Income2000,003200,006400,0016000,0028000,00Personal exemption5000,005000,005000,005000,005000,00Tax basis0,000,001400,0011000,0023000,00Tax(25%)0,000,00350,002750,005750,00Additional tax0,000,0063,00495,001035,00Overall tax and additional tax0,000,00413,003245,006785,00Net salary2000,003200,005987,0012755,0021215,00 Now it is taken common tax rate of 25%, as upper limit in which we assumed that rate can move, but personal exemption is changed on 5000 kuna, what is arbitrarily taken to show that higher rate request and higher exemption which results in more favourable position to those with lower incomes. On that way there are more people who do not pay any income tax. Compared with previously table, we can see that net salary is reduced. Who wins? There is logic question about who wins by introducing common rate. Only wealthy people? For sure not. In fact, increased personal exemption is related mostly to the poorest. On that way and the lowest income are put under limit where taxation begins. Look at the following table: Table 7: Tax as percentage of income IncomeDeduction Tax basis Tax (20%)Tax as percentage of income250016009001355,40%3000160014002107,00%3500160019002858,14%4000160024003609,00%4500160029004359,67%50001600340053010,60%60001600440078013,00%800016006400128016,00%1000016008400182018,20%12000160010400252021,00%15000160013400357023,80%20000160018400532026,60%25000160023400789031,56%300001600284001014033,80%350001600334001239035,40% For different amounts of income table shows amounts of tax which needs to be paid according to existing income tax system. Amount of paid tax is also shown as percentage of overall income. Now look at the same table but with applying common tax rate of 20% and with basic personal exemption of 3200 kuna. Table 8: Tax as percentage of income (common rate of 20%) IncomeNew deductionNew tax basisNew tax (20%)New tax as percentage of incomeSavings (% of income)25003200000,00%5,40%30003200000,00%7,00%35003200300601,71%6,43%400032008001604,00%5,00%4500320013002605,78%3,89%5000320018003607,20%3,40%6000320028005609,33%3,67%80003200480096012,00%4,00%1000032006800136013,60%4,60%1200032008800176014,67%6,33%15000320011800236015,73%8,07%20000320016800336016,80%9,80%25000320021800436017,44%14,12%30000320026800536017,87%15,93%35000320031800636018,17%17,23% It is obviously that part of tax in overall income fell. Let's look how much is that difference. Last column shows it. Firstly, difference grows, then fall, and again grows. Can we that second growth move to higher income and in same time increase first growth? On that way those with lower income would save more in percentage of their income. Answer on that gives the following table: Table 9: Tax as percentage of income (common rate of 25%) IncomeNew deductionNew tax basisNew tax (25%)New tax as percentage of incomeSavings (% of income)25005000000,00%5,40%30005000000,00%7,00%35005000000,00%8,14%40005000000,00%9,00%45005000000,00%9,67%50005000000,00%10,60%6000500010002504,17%8,83%8000500030007509,38%6,63%1000050005000125012,50%5,70%1200050007000175014,58%6,42%15000500010000250016,67%7,13%20000500015000375018,75%7,85%25000500020000500020,00%11,56%30000500025000625020,83%12,97%35000500030000750021,43%13,97% Now it is applied common tax rate of 25% with simultaneous increased personal exemption of 500kunas, which results by growing savings of the poorest one, and falling in savings of rich one. It is obviously that because of mentioned above this kind of system would be more efficiency and fairly because it would be more tax collected because of those with higher income. Conclusion In this work we tried to show how flat tax income system is working. Although the majority of people think it is unfair, that thesis is not true because flat tax system does not mean abounding progression. In fact, by introducing basic personal exemption we come to the indirect progression. Therefore, it is in accordance with principles of fairness in taxation and fairly distribution of tax between poor and wealth. We showed how idea of modern flat tax system came, and how it is introduced in other countries, and then we showed what would happen if we introduced it in Croatia. We could investigate more how that kind of system had reflected on budget revenue from collected income tax in long and short-term. We also showed who wins and how much from changing existing system. We saw that it depends on basic personal exemption, but also on applied tax rate. We showed that on example of tax rate of 20% and 25%. This work could be example and stimulation for introducing new tax system in Croatia, which would be based on common rate no matter on the size of income, but with significantly higher personal exemption than existing. Sources: Gidehag, R., Tarras-Wahlberg, B., 2004. Individual Welfare Accounts and Flat Income Tax lower marginal effects and increased economic security. St. Petersburg: World Taxpayers Conference 2003. Grecu, A., 2004. Flat Tax - The British Case. London: Adam Smith Institute. Hall, R., Rabushka, A., 1995. The Flat Tax. Stanford: Hoover Institution Press. Ivanova A., Keen M., Klemm A., 2005. The Russian Flat Tax Reform. IMF Working Paper, WP/05/16. Jel i, Ba., 2001.  Javne financije . Zagreb: RRIF. Jel i, Bo., Lon ari-Horvat O., `imovi, J., Arbutina, H., Mijatovi, N., 2004.  Hrvatski fiskalni sustav . Zagreb: Narodne novine. Teather, R., 2005.  A Flat Tax for the UK  a Practical Reality , London: Adam Smith Institute. 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