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BUSINESS IN SHORT

Paying Taxes ranking down

COMPANIES active in Slovakia spend an average of 207 hours a year to fulfil their tax duties, the newly released Paying Taxes 2014 report has shown.

COMPANIES active in Slovakia spend an average of 207 hours a year to fulfil their tax duties, the newly released Paying Taxes 2014 report has shown.

Slovakia’s position in the Paying Taxes ranking, which is authored by PwC and the World Bank, worsened compared to last year, with Slovakia currently standing at 102nd place out of almost 190 countries considered for the ranking, the SITA newswire reported.

The drop however does not mean worsening of the main indicators of the quality of the tax system, which according to the report have not changed considerably over the past year.

While on average each company makes 20 tax payments and devotes 207 hours of its time to doing so, the overall tax rate in Slovakia dropped from last year’s 47.9 percent to 47.2 percent, SITA reported. Work is the entity with the highest tax rate, at 39.6 percent.

The average of the EU and EEA is currently at 41.1 percent.

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