In Brazil, the average hours it takes a company to organize and pay taxes is the longest in the world. According to the latest data from World BankIt takes each local business an average of 1,500 hours a year to pay the tax bill.
The institution’s ranking shows that Brazil is the isolated leader among the countries with the most hours worked to structure tax payments worldwide. In second place, for example, is Bolivia with around a thousand hours a year. About 500 less compared to the Brazilians.
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The World Bank’s top five also include Venezuela, Libya and Chad. In hours, the amounts are 920, 889, and 834, respectively. None of these countries achieved fame for economic solidity, good prosperity rates, or high indicators of social wellbeing.
Brazil, G20 and taxes in the world
Since Brazil is among the top 20 countries in the world, it is part of the G20. The second highest weight nation in the block is Argentina (311 hours). In the global rankingArgentines rank 50th and the world average is 233 hours.
The high complexity of the tax burden drains money from the private sector and transfers resources to the state. In developed countries and in terms of generating opportunities, the hours for the same purpose tend to be shorter.
In Singapore, a country known for having one of the most prosperous and innovative economies in the world, the number stood at 64 hours. That means: In contrast to Brazil, it is one of the shortest tax deadlines in the world.