Armenia has improved its standing in the Paying Taxes 2017, a joint report by the PricewaterhouseCoopers and the World Bank Group. With a total tax rate of 18.4%, Armenia ranks 14th among the 190 countries, leaving behind Luxembourg, Singapore, Canada and a number of EU countries.

The report investigates and compares tax regimes across all the 190 economies, ranking them according to the relative ease of paying taxes.

In the same report published a year earlier, Armenia had a 19.9% total tax rate and was ranked the 17th.

Similar to last year, Georgia remained the only post-Soviet country with a lighter tax burden - 16.4% total tax rate and 13th spot.

Despite the low tax burden, however, tax payments in Armenia take 313 hours to comply, while local businesses make 14 tax payments per year, against the 5 and 6 payments in Georgia and Azerbaijan, respectively.

Based on the overall ranking, Armenia was placed the 88th against last year's 41st position.

Qatar, the United Arab Emirates and Hong Kong top this year's list, while Chad, Mauritania and the Central African Republic come at the very bottom.