Too hard to pay tax

Zimbabwe is one of the countries where it is difficult to pay taxes, according to the 2012 Paying Taxes survey, recently released by Price Water House Cooper (PWC), the World Bank and the International Finance Corporation.

The survey ranks Zimbabwe 126th out of 183 countries polled in the ease of paying taxes, 160th on the number of tax payments, 103rd on time taken to comply and 74th on total tax rate.

While South Africa has just nine tax payments per year and 200 hours to comply over the same period, Zimbabwe has 49 and 242 respectively, in what indicates that the country is miles behind its southern neighbour.

The ease of paying taxes list is headed by the Maldives, followed by Qatar, Hong Kong, Singapore and Ireland, but South Africa ranked first globally in efficiency and making it easier to pay taxes.

Zimbabwe also came out as one of the countries where business reforms make it even more difficult to pay taxes, according to the survey.

The Paying Taxes survey records the taxes and mandatory contributions that a medium-size company must pay in a given year as well as measuring the administrative burden of paying taxes and contributions.

Post published in: Business

Leave a Reply

Your email address will not be published. Required fields are marked *