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Singapore Tops World Bank's Doing Business Report

by Mary Swire, Tax-News.com, Hong Kong

29 October 2015


Singapore has once again been ranked by the World Bank as the number one jurisdiction in the world in terms of ease of doing business.

New Zealand, Denmark, South Korea, and Hong Kong were the next best jurisdictions for doing business, according to the World Bank's Doing Business 2016 report.

The report ranked Singapore in fifth place in terms of how easy it is for a business to comply with taxes. Businesses in Singapore have to make six tax payments per year, it said. On average it takes a business in Singapore 83.5 hours per year to fulfil its tax obligations, and the total tax rate is 18.4 percent of profits.

Of the five highest ranking jurisdictions on the ease of doing business table, Hong Kong has the most efficient business tax regime, according to the report. Businesses located in Hong Kong take 74 hours and three payments per year to comply with taxes, and the total tax rate is 22.8 percent of profits.

The Doing Business 2016 rankings are based on data collected from 189 economies between June 2014 and June 2015.

TAGS: compliance | tax | business | tax compliance | Denmark | international financial centres (IFC) | corporation tax | Singapore | tax rates | Hong Kong | New Zealand

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