Tweet
ARMENIA IMPROVES ITS POSITION IN ANNUAL 'PAYING TAXES 2012. THE GLOBAL PICTURE' REPORT
/ARKA/
November 14, 2011
YEREVAN
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.
/ARKA/
November 14, 2011
YEREVAN
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.