Georgia rates No 22 in the world with easiness of the tax system
According to joint report of the World Bank and PwC Paying Taxes 2018, Georgia is number 22 of 190 countries of the world. The report compares countries with regard to easiness of complying with the tax code. Paying Taxes 2018 is a part of the World Bank’s Doing Business 2018 survey, in which Georgia is in the 9th position.
Paying Taxes evaluates, how a local producing company, owning an average business, interacts with the tax system in the economies of 190 countries around the world. It evaluates not only the amount of taxes paid, but also the time needed for a company to fulfil its tax liabilities. Besides, the survey covers the time, needed to prepare a a tax declaration, to submit it to the tax authority and pay the taxes.
Georgia rated No 22 also last year.
According to Paying Taxes 2018, in Georgia, a surveyed company needs 269 hours to fulfil its tax liabilities (one hour less than last year). The company makes 5 payments (the same as last year) and the share of taxes in total revenue makes 16,4% (the same as last year).
For East European (non-EU member states) and Central Asian companies, participating to the survey, average time needed for fulfilment of tax liabilities is 230 hours, which is less than in Georgia. However, average total taxes compared to the revenue (TTCR) in the region is more than in Georgia and makes 33,4%. Besides, the number of regional average payments also exceed the average number of payments in Georgia and amounts to 16 in average.