Venezuela: Tax preparation time
* indicates monthly or quarterly data series
| Venezuela |
Tax preparation time, in hours |
|---|---|
| Latest value | 920 |
| Year | 2019 |
| Measure | hours |
| Data availability | 2005 - 2019 |
| Average | 834 |
| Min - Max | 792 - 920 |
| Source | The World Bank (doing business survey) |
The latest value from 2019 is 920 hours, an increase from 792 hours in 2018. In comparison, the world average is 235 hours, based on data from 184 countries. Historically, the average for Venezuela from 2005 to 2019 is 834 hours. The minimum value, 792 hours, was reached in 2012 while the maximum of 920 hours was recorded in 2019.
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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 | 14.60 | 2014 | percent |
| Government spending, in dollars | 70.44 | 2014 | billion U.S. dollars |
| Fiscal balance, percent of GDP | -4.51 | 2021 | percent |
| Government debt | 133.61 | 2017 | percent |
| Commercial tax rate | 73.30 | 2019 | percent |
| Tax preparation time | 920 | 2019 | hours |
| Number of taxes | 99 | 2019 | taxes |
| Foreign aid | 272.25 | 2022 | million U.S. dollars |