23.6 C
May 7, 2021

PwC: Romania ranks 49th of 190 economies in ease of paying taxes ranking

Romania ranks 49th of 190 economies in the global Paying Taxes ranking, established by PwC (Price WaterHouseCoopers), the country being among Central and Eastern Europe’s performers in terms of tax compliance legislation, with 163 hours per year, whereas at a global level, an average of 237 hours is required, according to a press release issued by PwC.

As opposed to the previous year, Romania has lost 7 positions.

In the PwC Paying Taxes Report, which measures the ease with which a medium company can pay its taxes and duties, Romania is placed before other countries from Central and Eastern Europe regarding the ease with which companies can pay their taxes, ahead of Bulgaria (92th), Hungary (86) and Poland (69), but is still behind the regional performers, such as the Baltic countries (Latvia – 13, Estonia – 14, Lithuania – 18).

Regarding the number of taxes and duties payments, a medium sized company needs to make 14 payments per year, similar to last year’s situation. The Baltic states, together with Poland, are some of the most efficient from this point of view. The global average is 24 – similar to last year.

According to PwC, in this year’s ranking, the total tax rate in Romania is over 40 percent, among the lowest at regional level, in line with the global average of 40.4 percent.

“Romania’s position in the first third of the global ranking is a positive result, if we look at it individually. If we fully analyze the economic climate in which Romania is evolving, it becomes very clear that the tax authorities need to continue their investments in the fiscal infrastructure and technology. The higher the level of computerization and technology of the tax authority, the better the position in the ranking. And this can be very clearly seen in the Baltic countries, which occupy leading positions in the ranking. The new financial reporting technologies can streamline the internal processes of tax authorities, including control and verification mechanisms, and at the same time, they will be useful for the taxpayers as well,” Daniel Anghel, the leader of the Fiscal and Legal Consultation Department with PwC Romania said.

Related posts

Vodafone Romania reports the financial results for the quarter ended June 30th, 2020


BVB President advises retail investors to move from money stashing to diversified investment schemes

Nine O' Clock

US Ambassador Klemm: Promoting economic prosperity for US and Romania, key priority

Nine O' Clock