Of a total 178 countries surveyed, for ease of payment of taxes, India ranks an abysmal 165th in ease of paying taxes, while the island nation of Maldives has topped the list. Ease and efficiency is measured by 3 indicators, the number of tax payments, time taken to comply with tax obligations and the actual burden of tax.
An average Indian company, makes a total of 60 payments, and spends roughly 271 hours to comply with tax obligations. In India tax payment is very complex, where there are innumerable forms, that need to be first demystified and then submitted.
In Hong Kong, it takes a total of 10 minutes to fille a income tax form. In Sweden taxes are paid online and all taxes that include corporate income tax, value added tax, labour contributions and property tax are filled on a single form.
If laws are simple, compliance would go up drastically and enforcement becomes easier.
POUR in ur comments???
CAclubindia
