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Country Rankings - Venezuela

  • Dec 05, 2017   Venezuela: bureaucratic

    Nevertheless, on a global scale, taxes are, apparently, getting less taxing, thanks largely to increasing automation and digitalization of tax compliance processes. This was one of the main conclusions of PwC's recently published 2018 Paying Taxes report, which shows that it's getting easier for businesses to calculate their taxes, file their returns, and pay. However, that the average length of time it takes the average-mid sized business to comply with its tax requirement is down to just 240 hours is surely a sign of the times – i.e. tax administration might be a bit easier, but tax rules certainly aren't. After all, 240 hours is 20 solid days (and nights). If you were to spend each eight-hour working day on a project that was to take 240 hours, you'd be at it for a month, give or take. It should be emphasized, however, that this is very much an average. Just as no two companies are identical, each tax jurisdiction is unique. So the experiences of an individual company, be it small, medium-sized, or large, will vary greatly depending on the activities of that business, and where it is located. But, undeniably, the PwC ranking does give a good indication of the wide disparity in tax requirements across the world for businesses. In Venezuela – 189th and last in the ranking – it takes 792 hours for a medium-size business to fulfil its tax obligations. But believe it or not, there are places where it takes even longer for a business to comply with tax rules. Businesses wrangling with the infamously complex tax environment of Brazil spend about 1,000 hours more a year on their tax obligations than they would in Venezuela. And it's also saying something about the modern international tax environment that as far as Brazil is concerned this is a considerable improvement on previous years.
    Source: https://www.tax-news.com/news/Technology_Cutting_Tax_Compliance_Burden_Paying_Taxes_2018____75851.html


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