Businesses in the Maldives pay taxes in less than an hour, the procedure in Bulgaria takes 500 hours

The business sector in the Maldives can transfer its tax payments to the Treasury only in three instalments in less than an hour, while in Bulgaria this operation takes overall 17 procedures, consuming 500 hours, shows the annual survey on tax payment facilities conducted by the consulting company PricewaterhouseCoopers and the World Bank, which involved 183 economies.

Bulgaria was ranked 84^th in the world and climbed up one position compared to the last year's survey, when a total of 17 tax payments required waiting in queues and wasting some 616 hours. This year's ranking is based on a different methodology than the one applied by the World Bank in its report dubbed Doing Business 2012. However, it also registers that the average time for declaration and payment of taxes in our country decreased by 116 hours or about 15 working days during the last year. According to the World Bank, Bulgaria ranks 59^th in terms of business environment.

The share of tax revenues in the Treasury constitutes 44.8% on the average, provided that the business sector wastes 277 hours per year as a result of 28.5 protracted procedures. In general, a company is subject to 9 different taxes, reported the PwC. In the high-income economies, an average middle-size undertaking transfers overall 5.2 tax payments for 168.7 hours. In parallel, the low-income countries actually need 271 hours to implement a total of 38.3 procedures. The actual time for the implementation of tax requirements varies according to the world region. In fact, in the OECD countries the time required is 195 hours, whereas in the European Union it is 209 hours. The longest process of 382 hours is carried out in Latin American and Caribbean countries, while in all G-20 countries it is 358 hours.

According to the PwC ranking, our southern neighbor Greece occupies the 79^th place, while Turkey is positioned 75^th and Romania is ranked only 154^th. The top positions remain unchanged - the Maldives are the frontrunners, followed by Qatar and Hong Kong. In Qatar, the transfer of three tax payments to the Treasury takes 36 hours, while the Hong Kong's companies need overall 80 hours to implement 3 tax payments. Singapore ranks 4^th.

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