DOING BUSINESS:Taiwan earned valuable points for its efficient processing of tax return applications, as it mostly dealt with export-oriented manufacturers
Date: Nov 18, 2016
By: Crystal Hsu / Staff reporter
Taiwan has gained significant headway in the ease of paying taxes, moving from 39th to 30th place
worldwide, PricewaterhouseCoopers LLP’s (PwC) Paying Taxes 2017 report said.
While favorable tax terms carry heavy weight in global investment decisions, multinational corporations assign more importance to tax policy predictability, transparency and consistency, said the report, which is part of the World Bank’s Doing Business project.
“The improvement in ranking has much to do with the introduction of a new criterion — post-filing — that aims to measure the time it takes for tax authorities in different countries to process return applications,” PwC Taiwan financial services leader Richard Watanabe (吳偉臺) told a media briefing.
In developed nations, companies spend an average of eight hours to go through the process, which takes up to 27 hours in developing countries, Watanabe said. [FULL STORY]