Taxes: Chile Best, Venezuela Worst

BY CHRONICLE STAFF

Latin America - along with Eastern Europe - is the most difficult place when it comes to paying taxes, the World Bank says in its new report, Paying Taxes 2008. The report looks at total tax rates, payment frequency, and the time needed to comply with tax regulations in 178 economies, including 19 in Latin America.

"The compliance burden is highest in Latin America and in Eastern Europe and Central Asia," the bank says. Three Latin American countries - Venezuela, Bolivia and Panama - were among the ten worst countries worldwide, while none were among the best ten countries.

TAX BURDEN FOR MANAGERS