Friday, 25 April 2014

Study: Czech firms need 413 hours/year to comply with taxes

23 November 2012

Prague, Nov 22 (CTK) - Czech firms need an average 413 hours a year to comply with taxes, an annual drop of 144 hours, and the country's tax regime ranks 120th in the world, according to the Paying Taxes 2013 study from PricewaterhouseCoopers (PwC), the World Bank and the International Finance Corporation (IFC).

The Czech Republic, however, fell three places from last year and is still a country whose tax system ranks among the most demanding in terms of time.

Peter Chrenko, a partner at PwC CR, said that more important than the rankings are the countries' efforts made to improve the assessment of their tax systems.

"Despite the fact that the Czech Republic has traditionally been at the bottom of the EU, it is positive that together with Finland and Bulgaria it is rated among countries which have shown the largest fall in the time to comply with taxes over the past eight years," said Chrenko.

Compliance takes 267 hours a year on average globally.

Paying Taxes 2013 is a study that investigates and compares tax regimes across 185 economies worldwide since 2004. It takes into account all mandatory taxes and charges that mid-sized enterprises have to pay in a given year.

World countries by amount of time needed for firms to comply with taxes
country overall rankings amount of time (hours/year) tax payments a year
United Arab Emirates 1. 12 4
Qatar 2. 48 4
Saudi Arabia 3. 72 3
Denmark 13. 130 10
USA 69. 175 11
Germany 72. 207 9
Slovakia 100. 207 20
Poland 114 286 18
Hungary 118. 277 12
CR 120. 413 8
Venezuela 185. 792 71

Source: PwC

Copyright 2014 by the Czech News Agency (ČTK). All rights reserved.
Copying, dissemination or other publication of this article or parts thereof without the prior written consent of ČTK is expressly forbidden. The Prague Daily Monitor and Monitor CE are not responsible for its content.