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Ireland has least tax 'red tape'
24 Nov 2014 11:11
Ireland has the most effective corporate tax system in Europe with the least amount of red tape, according to a study from PwC and the World Bank.
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Ireland's effective rate comes in close to the headline rate - 12.4% - just 0.1% below the Government's much criticised 12.5% advertised rate.
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In France, the headline rate is 33% but the effective rate is closer to 7.5%.
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The tax system here also continues to be one of the most efficient in terms of bureaucracy and administration.
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The "Paying Taxes 2015" survey shows that Irish companies on average spend 80 hours a year complying with the tax regime compared to 218 hours in Germany.
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It also reveals that a typical Irish company spends nearly half of its commercial profit in taxes, spends two weeks dealing with its tax affairs and makes a tax payment nearly every six weeks.
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Globally this compares to the typical company paying over a third of its commercial profit in taxes, spending over seven weeks dealing with tax affairs and making a tax payment every two weeks.
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