Cayman Islands easiest place in the world for Accounting and Tax
- Turkey is the most complex jurisdiction overall in which to stay financially compliant largely due to the requirement to report in both Turkish language and currency, and the extremely high number of tax articles, although this is reducing.
- In southern Europe both Italy (3) and Greece (4) have very localised complexities. In Italy taxes are levied at a national, regional and municipal level, while in Greece taxes are divided into three categories: income, property and consumption tax.
- South and Central America has five jurisdictions in the top 15 most complex: Brazil (2), Colombia (6), Argentina (9), Bolivia (12) and Mexico (15). This is largely due to the common practice of levying three layers of taxation, at federal, state and municipal level. Argentina scored the highest of all 94 jurisdictions, in the area of ‘Reporting’ complexity (88%) and Mexico the highest in ‘Bookkeeping’ (84%).
- Asia Pacific has three jurisdictions in the top 10: Vietnam (5), China (7) and India (10). Complexity around invoicing, filing and the conducting of audits is high with very specific documentation and processes applied.
- the accounting and tax rules and regulations in different jurisdictions
- how to incorporate relevant regulations into your business and
- the risks associated with non-compliance.
- Turkey ranked as the most complex in the world for accounting and tax compliance
- The Cayman Islands are the least complex.
Published June 5, 2017
Join the discussion — please keep to our Community Guidelines.