Georgia improved rankings for Paying Taxes 2014

Georgia took the lead in four positions and 29^thplace in the World Bank ranking of Paying Taxes 2014.

In the region of Central Asia and Eastern Europe, Georgia remains a leading country with lowest number of taxes. There are only five taxes.Second place holder is Kazakhstan following by Russia, both with 7 taxes and the forth place belongs to Armenia with 10 taxes.

According to the report, in terms of total tax rates, Georgia is the third place holder. With this indicator, leading in the region is Macedonia followed by Kosovo.

Overall, the study revealed that on average, around the world it now takes a company 268 hours to comply with its taxes, it makes 26.7 payments, and has an average Total Tax Rate of 43.1%.

The study included 198 countries with only three indicators: Total Tax Rate, Time to Comply, and Number of Payments. The study results showed that the governments continue to reform their tax systems despite global economic uncertainty and 32 economies have taken steps from last year to make is easier and cost less for small and medium businesses to pay taxes.