World Bank 2018 Doing Business report cites India as the world's most improved business environment
Published annually since 2003, the World Bank Doing Business project provides objective measures of business regulations for local firms in 190 economies worldwide. Russell Bedford International member firms have assisted the World Bank in researching its annual Paying Taxes survey since 2009, contributing data on tax regulation, recent reforms, and the real costs of tax compliance worldwide.
More broadly, this year’s report shows no change on last year’s top-performing countries, with New Zealand, Singapore and Denmark again taking the top three slots. The report’s Paying Taxes survey this year shows some remarkable improvements in individual countries’ regulatory regimes and again confirming greatest progress among emerging markets, with El Salvador, Vietnam, Uzbekistan and Angola showing exponential improvements, up 105, 81, 60 and 54 places, respectively. Italy shows the best performance of OECD high income economies, moving from 126 to 112, while the United Kingdom, conversely, shows its worst performance in recent years, down 13 places from 10 to 23.
Shreedhar T. Kunte, Sharp & Tannan Group Managing Partner, commented: “It is highly gratifying to see India’s numerous reform initiatives recognised in this report. There is still more to be done, however: while the number of tax submissions has been halved, from 27 to 13, businesses are still spending an average 214 hours per year on their tax compliance – only 35 hours less than last year. We will continue working with clients and regulators to engender the reforms and practices necessary to reduce this still further, to a globally competitive level.”
Ranked as one of the world's top accounting networks*, Russell Bedford is represented by some 700 partners, 5000 staff and 300 offices in almost 100 countries in Europe, the Americas, Middle East, Africa, Indian Sub-Continent and Asia-Pacific.
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