A recent World Bank report has ranked Finland just outside the world’s top ten business environments. Now ranked in 11th place in the annual World Bank Doing Business report, simplification of its VAT and labour tax compliance systems have also seen Finland leap 31 places (from 59 to 28) in the bank’s annual Paying Taxes survey.
The annual World Bank Doing Business report assesses regulations affecting domestic firms in 183 economies, ranking each on the basis of various criteria including ease of starting a business, insolvency resolution, cross-border trade and the ease (or otherwise) of paying taxes. Russell Bedford member firms have contributed to the report’s Paying Taxes survey since 2009, with 51 member and correspondent firms this year contributing data on tax regulation, compliance and the real tax burden on businesses and entrepreneurs.
Thomas Wahlström, managing partner of Russell Bedford member firm Wabuco Oy, commented: “It is very encouraging to see Finland’s highly competitive business environment recognised in this way – particularly in respect of personnel taxes and VAT: the two most time-consuming tax procedures, as any business owner will know. Businesses in Finland are now spending an average of only 93 hours per year on tax compliance.