The UK has climbed to 10th place in the global ranking of effective business tax systems, according to the latest Paying taxes report published by PwC and the World Bank Group. This is partly down to cuts in the corporation tax rate, but also reflects the relative ease with which taxpayers can obtain VAT refunds and correct errors in returns. However, it still takes around 14 days for a medium-sized company to prepare, file and pay its corporation, employment and value added taxes.
Kevin Nicholson, head of tax at PwC, said: ‘while the government’s digitisation drive should make tax collection more efficient in the long term, compliance could get tougher as the changes are implemented and bed down. Great care will be needed to prevent the changes adversely the UK’s top ten place in the ranking’.
The most common feature of tax reform across jurisdictions around the world in the past year has been the introduction or enhancement of electronic systems for filing and paying taxes.
The Middle East continues to be the easiest region in which to pay taxes, with the lowest total tax rate and time to comply, as governments rely on sources of revenue other than taxation.
The UK has climbed to 10th place in the global ranking of effective business tax systems, according to the latest Paying taxes report published by PwC and the World Bank Group. This is partly down to cuts in the corporation tax rate, but also reflects the relative ease with which taxpayers can obtain VAT refunds and correct errors in returns. However, it still takes around 14 days for a medium-sized company to prepare, file and pay its corporation, employment and value added taxes.
Kevin Nicholson, head of tax at PwC, said: ‘while the government’s digitisation drive should make tax collection more efficient in the long term, compliance could get tougher as the changes are implemented and bed down. Great care will be needed to prevent the changes adversely the UK’s top ten place in the ranking’.
The most common feature of tax reform across jurisdictions around the world in the past year has been the introduction or enhancement of electronic systems for filing and paying taxes.
The Middle East continues to be the easiest region in which to pay taxes, with the lowest total tax rate and time to comply, as governments rely on sources of revenue other than taxation.
