30 percent of corporate
income goes on taxes
20 different duties are paid yearly
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The aggregate corporate tax rate was 30 percent, which represents the total of all taxes borne as a percentage of commercial profit. The time to comply with all tax formalities was 183 hours. The total tax rate reflected all taxes and contributions that a standardized medium-sized domestic company pays within a specific year, according to ‘The Ease of Paying Taxes in the World’, a report published by PriceWaterhouseCoopers (PWC) and the World Bank (WB). Taxes and contributions that local medium-sized companies must pay amount to 20 payments and include profits or tax on profits, customs, real estate taxes, social contributions, taxes on each of the transfer of ownership, dividends, capital gains, financial transactions, waste collection, vehicles, indirect taxes and a variety of smaller payments.
Reported by Walid Merhi
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Date Posted: Dec 30, 2015