Friday, November 23, 2007
World Bank: tax systems still a problem for business
In some countries, tax forms have to be taken to the tax office in person and 'discussed', a World Bank report reveals
The 20-year-trend in lowering the tax burden on business is being bucked by countries in Africa, Latin American and the former Soviet Union.
In Burundi, Gambia, Sierra Leone and the Democratic Republic of Congo, companies with even a 20% profit margin find themselves unable to pay all their business taxes, while in seven other countries, businesses had to pay tax twice a week.
Situations are not better in Papua New Guinea, Syria and Zimbabwe where tax forms have to be taken to the tax office 'in person' and discussed to ensure calculations are correct.
See full Article.