Easier tax processes boost business in Finland

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.

The new Tax Account online filing system, introduced in 2010, has generally been helpful in reducing the tax compliance burden. On the other hand, the benefits for small businesses are less clear – its use can be surprisingly time-consuming in certain cases. This needs to be monitored closely over the next couple of years, and appropriate improvements introduced if Tax Account is to deliver genuine benefit to those businesses that need it most.”

For further information, contact Thomas Wahlström on +358 9 6844 950 or Kempton Bedell-Harper on +44 20 7410 0339. Alternatively, visit the websites at www.wabuco.fi and www.russellbedford.com .

About Russell Bedford International

Established in 1983, Russell Bedford International is a global network of independent firms of accountants, auditors, tax advisers and business consultants.

Ranked amongst the world's leading accounting and audit networks, Russell Bedford is represented by some 460 partners, 5000 staff and 200 offices in more than 80 countries in Europe, the Americas, the Middle East, Africa and Asia-Pacific.

All Russell Bedford affiliates are well-established firms offering international business advice and services to local and multinational clients.  Most provide a full range of services comprising accounting, auditing, tax advice, general business guidance and financial consulting.  In addition, many have special expertise in particular fields, such as international taxation or information technology.

In January 2008 Russell Bedford International was named one of the first 17 full members of the IFAC Forum of Firms after reporting it had implemented a globally coordinated quality assurance programme, committed to the use of International Standards on Auditing (ISAs), and met other specific ethics requirements.

Kempton Bedell-Harper
Marketing Director
Russell Bedford International
Russell Bedford House
250 City Road, London EC1V 2QQ
United Kingdom
T: +44 20 7410 0339
F: +44 20 7459 2337
E: info@russellbedford.com
W: www.russellbedford.com

This release was published on openPR.