The PricewaterhouseCoopers and the World Bank Group unveiled the Paying Taxes, a joint report investigating and comparing tax regimes across 189 economies, ranking them according to the relative ease of paying taxes.

With a total tax rate of 19.9%, Armenia ranks 17th among the 189 countries. The only post-Soviet country with a lighter tax burden is Georgia, which boasts a 16.6% total tax rate and the 13th place in the rankings.

Despite the low tax burden, however, tax payments in Armenia take 313 hours to comply, with the United Arab Emirates, Qatar and Luxembourg topping the list in this category.

Armenian businesses make 10 tax payments per year, against the 5 and 7 payments in Georgia and Azerbaijan, respectively.