World Bank: tax systems still a problem for business
In some countries, tax forms have to be taken to the tax office in person and 'discussed', a World Bank report reveals
The 20-year-trend in lowering the tax burden on business is being bucked by
countries in Africa, Latin American and the former Soviet Union.
In Burundi, Gambia, Sierra Leone and the Democratic Republic of Congo,
companies with even a 20% profit margin find themselves unable to pay all their
business taxes, while in seven other countries, businesses had to pay tax twice
a week.
Situations are not better in Papua New Guinea, Syria and Zimbabwe where tax
forms have to be taken to the tax office ‘in person’ and discussed to ensure
calculations are correct.
The World Bank’s study on tax systems around the globe also reveals that more
than a third of countries have, however, improved their business tax systems in
the last three years, the FT reported.
Further reading:
African
firms struggle under huge tax burdens, report shows
Singapore
ranked tops in Asia for ease of tax payment