According to a new report by the IFC,World Bank,  and PricewaterhouseCoopers (PwC), Saudi Arabia  has the World’s  third least demanding tax framework for corporations.

UAE  takes the top position as having the World’s least demanding tax framework, followed by Qatar.

The report said that companies in the GCC, pay an annual tax rate of 14.9%, make 4 payments annually, and spend approximately 4 hours for the preparation of administration that payments require.

After studying  185 economies in the World, the report said that companies in the MENA region pay a total average tax rate of 23.6% as compared to a global average of 44.7% , which makes it the least in the World.

Corporations in the GCC make 17.6 payments per year and spend an average time of 158 hours dealing with regulations. Other GCC nations  also had a high rank with  Bahrain at No.7 , Oman at No.10 and Kuwait at 11.

The World’s most demanding tax framework for companies was in Venezuela with total tax payments of 62.7% , 71 payments and 792 hours to deal with the administrative regulations. Venezuela was followed by Chad  and Guinea.