New Zealand tax system has been ranked the 27th most efficient out of the 183 countries surveyed in a report compiled by PricewaterhouseCoopers, the World Bank and the International Finance Corporation.
New Zealand’s average tax rate of 34.4 compares favourably with the average global rate of 44.8 per cent, and Australia’s rate of 47.7 per cent.
New Zealand also rates well on the 8 taxes business must pay when compared with Australia’s 11 and the world average of 28.5.
New Zealand rates lower tha Australia on compliance time with 172 hours compared with 109 hours. However, both countries are well below the world average of 277 hours.
For the full story including how 33 countires made it easier and more cost effective to pay taxes see http://www.stuff.co.nz/business/money/5989278/NZ-ranks-27th-for-tax-efficiency
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