Cyprus: Tax preparation time
* indicates monthly or quarterly data series
| Cyprus |
Tax preparation time, in hours |
|---|---|
| Latest value | 120 |
| Year | 2019 |
| Measure | hours |
| Data availability | 2008 - 2019 |
| Average | 140 |
| Min - Max | 120 - 149 |
| Source | The World Bank (doing business survey) |
The latest value from 2019 is 120 hours, a decline from 123 hours in 2018. In comparison, the world average is 235 hours, based on data from 184 countries. Historically, the average for Cyprus from 2008 to 2019 is 140 hours. The minimum value, 120 hours, was reached in 2019 while the maximum of 149 hours was recorded in 2008.
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Definition: Time to prepare and pay taxes is the time, in hours per year, it takes to prepare, file, and pay (or withhold) three major types of taxes: the corporate income tax, the value added or sales tax, and labor taxes, including payroll taxes and social security contributions.
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| Related indicators | Latest | Reference | Measure |
|---|---|---|---|
| Government spending, percent of GDP | 19.15 | 2023 | percent |
| Government spending, in dollars | 6.17 | 2023 | billion U.S. dollars |
| Fiscal balance, percent of GDP | 3.10 | 2023 | percent |
| Government debt | 77.30 | 2023 | percent |
| Government expenditure | 1.53 | Q3/2024 | billion |
| Tax revenue | 24.71 | 2022 | percent |
| Commercial tax rate | 22.40 | 2019 | percent |
| Tax preparation time | 120 | 2019 | hours |
| Number of taxes | 16 | 2019 | taxes |
| Taxes on goods and services | 42.71 | 2022 | percent |
| Taxes on international trade | 0.03 | 2022 | percent |
| Income and profits taxes | 34.01 | 2022 | percent |
| Foreign aid | 59.86 | 2004 | million U.S. dollars |