Armenia improves its position in annual ‘Paying Taxes 2012. The Global Picture’ report
14.11.2011,
22:24
Armenia has improved its position in the annual ‘Paying Taxes 2012. The Global Picture’ report by six notches rising to 153rd position.
YEREVAN, November 14. /ARKA/. Armenia has improved its position in the annual ‘Paying Taxes 2012. The Global Picture’ report by six notches rising to 153rd position.
The report released by the World Bank (WB), International Finance Corporation (IFC) and PriceWaterhouseCooper auditing and consulting firm covers 183 countries.
It measures tax systems from the point of view of a domestic company complying with the different tax laws and regulations in each economy. The case-study company is a small to medium-size manufacturer and retailer, deliberately chosen to ensure that its business can be identified with and compared worldwide. The indicator covers the cost of taxes borne by the case study company and the administrative burden of tax compliance for the firm
"Medium-sized businesses in Armenia have to make 34 types of tax payments per year, of which 7 are income tax payments. Tax payment procedures take 500 hours per year, of which 135 hours for payment of income taxes," the report says.
According to the report, in terms of the number of paid taxes Armenia’s rating has been improved by 46 notches to 120th place, in terms of time required to complete tax documents Armenia has risen by three notches to 166th place. With regard to the tax rate, Armenia fell by 6 notches to 100th place.
"The process of paying taxes in Armenia has become easier. The number of taxes on land and property and social insurance payments have reduced," the report said.
However, Armenia is far behind other countries of the region. Thus, in terms of facilitation of tax payments Georgia is ranked 39th (it went up by 22 notches), Turkey is 75th, Azerbaijan is 77th (it has improved its position by 26 notches), Iran is on the 125th position. The ranking is led by the Maldives and at the bottom is Venezuela. -0-
The report released by the World Bank (WB), International Finance Corporation (IFC) and PriceWaterhouseCooper auditing and consulting firm covers 183 countries.
It measures tax systems from the point of view of a domestic company complying with the different tax laws and regulations in each economy. The case-study company is a small to medium-size manufacturer and retailer, deliberately chosen to ensure that its business can be identified with and compared worldwide. The indicator covers the cost of taxes borne by the case study company and the administrative burden of tax compliance for the firm
"Medium-sized businesses in Armenia have to make 34 types of tax payments per year, of which 7 are income tax payments. Tax payment procedures take 500 hours per year, of which 135 hours for payment of income taxes," the report says.
According to the report, in terms of the number of paid taxes Armenia’s rating has been improved by 46 notches to 120th place, in terms of time required to complete tax documents Armenia has risen by three notches to 166th place. With regard to the tax rate, Armenia fell by 6 notches to 100th place.
"The process of paying taxes in Armenia has become easier. The number of taxes on land and property and social insurance payments have reduced," the report said.
However, Armenia is far behind other countries of the region. Thus, in terms of facilitation of tax payments Georgia is ranked 39th (it went up by 22 notches), Turkey is 75th, Azerbaijan is 77th (it has improved its position by 26 notches), Iran is on the 125th position. The ranking is led by the Maldives and at the bottom is Venezuela. -0-
