says "Hong Kong's 'flat tax' is better described as an 'alternative maximum tax.'" Alan Reynolds of the right-libertarian think tank Cato Institute similarly notes that Hong Kong's "tax on salaries is not flat but steeply progressive." Hong Kong has, nevertheless, a flat profit tax regime. does not have a general income tax, but it imposes zakat (wealth tax) on the business assets of residents who are nationals of GCC countries, and income tax on the business income of residents who are not nationals of GCC countries and of nonresidents. Zakat has a flat rate of 2.5%, and income tax has a flat rate of 20%. Jurisdictions that had a flat tax introduced a flat tax of 10% on personal income in 2008, and replaced it with two rates of 13% and 23% in 2014. introduced a flat tax of 15% on personal income in 2008. However, this tax also applied to employer contributions to social security and health insurance, for an effective tax rate of about 20% on income from work up to the contribution limit. In 2013, a tax of 7% was added to income from work above the contribution limit, for an effective second rate of 22%. In 2021, the tax rates became 15 and 23%, both applying to all types of income and no longer to employer contributions. had a flat tax of 30% on personal income until 2014, when it introduced a second lower rate of 15%. had a flat tax of 30% on personal income until 2017, when it replaced it with progressive rates of 28% and 40%. introduced a national flat tax on personal income in 2007, at a rate of 22.75%. With the additional municipal tax, which was already flat, the total tax rate was up to 36%. In 2010, Iceland replaced its national flat tax with progressive rates of 24.1% to 33%. With the additional municipal tax, which remained flat, the top rate became 46.28%. had a flat tax of 25% on personal income until 2010, when it introduced additional higher rates of 27.5% and 33%. It restored the flat tax of 25% in 2011, and introduced a second higher rate of 30% in 2016. introduced a flat tax of 25% on personal income in 1997. The rate was changed to 23% in 2009, 26% in 2010, 25% in 2011, 24% in 2013, and 23% in 2015. In 2018, Latvia replaced its