Romania ranks 49th out of 190 countries in terms of ease of paying taxes, according to fresh “Paying Taxes 2018” report released by PwC and World Bank.
The report has compared tax systems across 190 economies, highlighting how technology is changing the way taxes are administered and collected.
According to the report, Romania has a total tax and contribution rate of 40 percent, a total time to comply of 163 hours, 14 payments to make and post-filling index of 76.8.
The report shows how Romania has been restructuring its social security contributions (SSC) for years, the last reform being implemented at the begining of this year, when employers’ SSCs were reduced to 2.25 percent while the employees’ SSCs were increased from 16.5 percent to 35 percent.
Yhe best places in the world in terms of ease of paying taxes are Hong Kong (total tax and contribution rate of 22.9 percent, 35 hours to comply), Qatar (11.3 percent, 41 hours to comply) and United Arab Emirates (15.9 percent, 12 hours), according to the report.Read more aboutStrategic Alliance Between VD Law Group and JASILL, Blockchain and Ridesharing Consultancy Specialists read more
Among Romania’s neighboring countries, Bulgaria ranks 92nd (total tax and contribution rate of 27.7 percent, 453 hours to comply) and Hungary ranks 86th (40.3 percent, 277 hours).
