Korean businesses spending less time on tax compliance, says latest World Bank report

The latest World Bank Doing Business report suggests South Korean businesses are saving 20 hours per year on meeting their tax compliance obligations.

With the report now in its 11th year, Doing Business 2014: Understanding Regulations for Small and Medium-Size Enterprises analyses the impact of regulations throughout the business lifecycle across 189 jurisdictions, ranking economies on the basis of 10 indicators including ease of starting a business, and paying taxes. Russell Bedford member firms have contributed to each of the report’s Paying Taxes survey since 2009, contributing data on tax regulation, recent reforms, and the real costs of tax compliance worldwide.

While South Korea's overall standing among the world's best business environments is down one place, from sixth to seventh, its businesses are spending 20 hours per year less on their tax compliance than in 2012, down from 207 to 187 hours. The total tax rate is also down, from 29 to 27.9 per cent.

Kiwon Suh, a partner in Russell Bedford member firm Cheon Ji Accounting Corporation commented: "The total compliance burden in Korea is moving ever closer to the OECD average of 175 hours per year. But this is still an excessive amount for most small businesses and we will continue to campaign for further reductions here."

ENDS

Notes for Editors

For more information about the World Bank's Doing Business reports, please visit www.doingbusiness.org

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 280 offices in more than 90 countries in Europe, the Americas, the Middle East, Africa and Asia-Pacific. Russell Bedford International is a member of the IFAC Forum of Firms and a member of EGIAN, the European Group of International Accounting Networks and Associations.

Contacts:

Kempton Bedell-Harper
Russell Bedford International
T: +44 20 7410 0339
E: info@russellbedford.com
W: www.russellbedford.com

Kiwon Suh
Cheon Ji Accounting Corporation
T: +82 2 3700 2200
E: kws@cjac.kr
W: www.wjac.co.kr

This release was published on openPR.