BRIC is an acronym denoting the economies of Brazil, Russia, India, and China, which experienced rapid growth in the 2000s and are predicted to overtake many Western economies by 2050. Related acronyms like BRICET and BRIMC include other emerging markets.
A flat tax is a simple proportional tax system with a single rate. It has no reliefs or exemptions apart from a standard personal allowance, thereby streamlining tax compliance and administration.
