According to the joint report by the World Bank and PWC, Georgia is in 16th place in the world on the 2019 Paying Taxes Index, which investigates and compares tax regimes across 190 economies worldwide and how easy it is for businesses to meet tax compliance obligations.
The research states that Georgia and Italy are the best examples for progress made in tax mobilization.
‘Paying Taxes’ assesses tax compliance and compares tax regimes across 190 economies worldwide using a medium-sized domestic case study company. The index assesses not only total taxes and contribution rates but also the time frame required for a business to comply with the tax obligations. In addition, the report also calculates the time needed for the preparation of the main tax declaration documents, their official submission and the time it takes to make the payments.
According to the Paying Taxes 2019 data, in Georgia, the company used for the research would require 220 hours for the preparation to meet the tax compliance obligations (49 hours less than the previous year). The company would have to make 5 payments in total (same as the previous year), and 9.9% of the revenues would go to the tax payments.