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Indian businessmen taxed less in Asia
By agencies
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Thursday, 15 September 2005, 19:30 IST
NEW DELHI: Though the recent IFC report ranked India at 116 in terms of business ease, there is reason for cheer. When compared to other Asian Countries like Pakistan and China, they are taxed less.
Businessmen in China and Pakistan, India's immediate neighbors, too spend more time on filing taxes, according to a survey by the World Bank and the International Finance Corporation.
While a Pakistani businessman spends about 560 hours to pay 32 taxes, which eats up 57.4 percent of his gross profits, Chinese businessmen spend nearly 584 hours for paying 34 taxes, which takes away 46.9 percent from the gross profits.
Whereas, the Indian trader spends only 43.2 percent of his gross profit as taxes, said the survey 'Doing Business in 2006: Creating Jobs.' The time taken to pay these taxes were measured by studying the hours businessmen spent to pay three major types of taxes like corporate income tax, VAT or sales tax and labor taxes, including payroll taxes and social security contributions.