The PWC report noted that it takes 12 hours to comply with tax payments as compared to 29 hours in Bahrain.
The UAE has retained its top global ranking in terms of least time for payment of taxes, according to the latest study.
Issued by World Bank and Price Water house Coopers, the report noted that its takes 12 hours to comply as compared to 29 hours in Bahrain, 47 in Saudi Arabia, 55 in Luxembourg, 63 in Switzerland and 64 hours in Singapore.
The study noted that the world average time to comply is around 240 hours and 195 hours in Arab league and 161 hours in European Union countries.
This high ranking in the UAE could be attributed to the low tax regime in this part of the world as compared to other nations which have imposed a number of taxes on the residents and companies.
The report comes at a time when the UAE and Saudi Arabia roll out value-added tax (VAT) at five per cent - which is also one of the lowest in the world - from January 2018.
Similarly, the UAE achieved strong rating in terms of number of payments at four - which is the second best in the world after Saudi Arabia (3) - and ahead of Singapore (5), New Zealand (7), Switzerland (19) and Luxembourg (21). This is in comparison with GCC average of 8.7 payments, 12 in EU countries, 20.5 in Arab League and 24 in global average.
According to the Paying Taxes 2018 report by World Bank and PwC, the Middle East is still the easiest region in which to pay taxes, thanks to technology and innovation which ease the burden of tax compliance.
