Tax such that the higher the income of the taxpayer the smaller the proportion or percentage paid in that tax. This contrasts with progressive tax, where the proportion paid rises as income increases, and proportional tax, where the proportion paid remains the same at all levels of income. Examples of regressive taxes in the UK are council tax and excise duty.
Yellow represents the golden land of South America. Blue stands for the ocean separating the country from Spain. Red symbolizes the blood and courage of the people resisting the tyrants. Effective date: 26 November 1861.