World Bank argues for simpler taxation

Banking

A simplified tax system can be the key to success for governments to increase tax revenues by easing the burden for companies, especially in developing countries, where tax evasion is major problem, says a new report published by the World Bank Group and PricewaterhouseCoopers.

Complex tax systems cut tax revenues for governments, and complying with administrative tax requirements is a real burden for companies in most countries, the report argues. On average in the 175 countries studied, businesses submit 35 pages of tax returns a year in order to comply with regulations, and it takes 332 hours per year to comply with all tax requirements. In Hungary, businesses submit 24 pages of tax returns ands spend 300 hours to comply with all tax requirements. (Világgazdaság)

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