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The Financial Complexity Index 2018

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The Financial Complexity Index 2018 THE FINANCIAL COMPLEXITY INDEX 2018 Meeting the global challenge of local accounting and tax compliance April 2018 About TMF Group TMF Group helps its clients operate clients with on-the-ground compliance and internationally and ‘belong’ wherever they administration services so they can venture are in the world. We do this by making sure further. We keep things running seamlessly, they are properly set up to do business in giving them the peace of mind to focus on any country and compliant with local and the bigger picture. international regulations. Our people localise the global world to help Our work includes helping companies businesses succeed, which in turn helps of all sizes with business services such communities to prosper. We firmly believe as HR and payroll, accounting and tax, that the only way to be truly ‘global’ is to put corporate secretarial, global governance and local first, which is what our team of 7,000 administration services for structured finance, in-country experts do for businesses of all private equity and real estate investments. sizes, every day. In today’s environment, increasing business Get in touch to see what we can do for you. complexity means that a one size approach doesn’t fit all - and the penalties for getting it wrong are getting heavier. Operating in tmf-group.com/enquiry over 80 jurisdictions, we provide our 15,000 SECTION 1 Key Findings 5-7 SECTION 2 Global Rankings 8-9 SECTION 3 Focus on Asia Pacific 10-13 SECTION 4 Focus on the Americas 14-17 SECTION 5 Focus on Europe, the Middle East and Africa 18-23 SECTION 6 Movers and shakers 24-27 SECTION 7 Compliance trends 28-30 2 THE FINANCIAL COMPLEXITY INDEX 2018 CHINA THE CAYMAN ISLANDS Most complex Least complex jurisdiction jurisdiction LATIN AMERICA USA Has five countries in the top Least complex globally 10 most complex globally for reporting MOST COMPLEX JURISDICTIONS FOR: COMPLIANCE TAX REPORTING BOOKKEEPING SOUTH AFRICA, VENEZUELA CHINA MEXICO GERMANY 3 INTRODUCTION Meeting the global challenge of local accounting and tax compliance A GLOBAL WORLD DOES on business operations. The Common Reporting NOT NECESSARILY MEAN A Standard (CRS) – designed to allow automatic SIMPLER WORLD. exchange of information between jurisdictions by financial institutions – has also begun to make an impact. We see many countries passing reforms to Thanks to improvements in technology and transport, simplify their economies not only to attract investment, companies are able to do business across the globe but to ensure the country ticks the compliance box for more easily than ever before. Yet, at an individual these global movements. level, countries and their economies remain as unique as ever, meaning companies doing business Given that countries are as unique as ever, each one internationally or looking to expand into new markets is tackling these global issues in a different way, and face a different set of challenges at every turn. we have seen movement at the top end of our Index. Turkey’s moves to simplify its economy see it knocked The TMF Group Financial Complexity Index looks at the from the top spot by China – a notoriously complex world’s nations by complexity of financial compliance, country, despite efforts to comply with global needs by which we mean the ease with which companies and open up to foreign investment. One of Europe’s can deal with taxes, adhere to reporting requirements, biggest economies, France, enters the top 10 this maintain company accounts, and deal with cross- year – though with the new administration moving border transactions. to simplify the country’s complex tax and reporting Financial complexity is crucial for company executives. system, it may be a mere guest appearance – while While it will never be the sole factor determining what the UAE’s introduction of value added tax (VAT) alters country they will invest in – some of the world’s most its tax-free haven status and adds a new layer of popular nations for business are also very complex – complexity for businesses. it is an important variable to consider when making One thing that never seems to change, though, is decisions. More complex nations require firms to spend the complexity of Central and South America. As more time, money and effort on compliance, and this previously, Latin America makes up half of the top can affect performance and profitability. 10 most complex countries, with Brazil again ranked For companies who have already made the decision to second. However, change is afoot; several Latin invest in a certain country, financial complexity is an countries have begun to digitise their filing processes, important factor they must manage – failure to do so causing a short-term complexity spike. If things go can sometimes result in damaging penalties. according to plan, though, the digital transformation should reduce complexity in the long term. NEW TRENDS While this report deliberately avoids the political, we keep one eye on the impact of events such as US- Following 2017’s inaugural outing, this second Index first policies on complexity in traditionally mid-tier is dominated by the impact of the global move countries, and such as Brexit – the fallout from which towards transparency and conformity. Many countries will become clearer in the near future. What will the are working out their reaction to the OECD’s Base 2019 Index bring us? For now, read on for the reasons Erosion and Profit Shifting (BEPS) project, meaning to do business – or seek support from local experts – transparency in ultimate beneficial owners (UBOs) and when doing business in almost 100 countries around transfer pricing are the subject of regulation impacting the world. 4 SECTION 1 KEY FINDINGS When operating in a diverse global market, knowing and understanding the local requirements for financial compliance could make the difference between the success or failure of your cross-border activities and investments. METHODOLOGY TMF Group examined the varied complexities of Frequent changes in law, numerous rules and financial accounting and tax compliance in 94 exceptions, the need to submit various reports and jurisdictions worldwide – Europe, the Middle East and various instructions to different authorities in a Africa (50), the Americas (25) and Asia Pacific (19). prescribed format increases overall complexity. Our considerations included: In a survey comprising 74 detailed questions, both objective and subjective, we asked our in-house accounting the accounting and tax rules and regulations in and tax experts to rank the complexity of their local different jurisdictions eg. local GAAP (Generally jurisdiction according to four overarching parameters: Accepted Accounting Principles) requirements, local language requirements, the reporting period audit and financial reporting requirements VAT and corporate income tax (CIT) registrations, COMPLIANCE TAX filing frequency and payment deadlines Cross border transactions, Tax registration, corporate representation compliance regulation and relevant regulatory requirements that need to be and data storage types of taxes. incorporated into your business (eg. legal requirements and representation requirements, storage requirements) methods. the risks associated with non-compliance the impact of technology upon the accounting and tax compliance landscape. REPORTING BOOKKEEPING It is interesting to see the impact of various complexity Legal regulations Accounting regulations, parameters on each of these services (see also table and local reporting relationship with in section 2). process. authorities and technology. In certain instances throughout this document we have assigned countries, regions and complexity parameters a ‘complexity rating’. It judges countries on a percentage scale ranging between minimum and maximum Further complexity parameters were then assigned to complexity, according to how the survey questions have each of the main areas outlined above. Our objective been answered. questions aimed to ascertain the ‘as-is’ status of compliance in each jurisdiction, while our subjective questions required the professional judgment of our On average, compliance has a global complexity experts about risk related to non-compliance. rating of 61% (2017: 60%), followed by reporting (57% 2017: 55%) and tax (49% 2017: 48%). Bookkeeping has a complexity rating of 46% (2017: 51%). 5 KEY FINDINGS Based on the survey responses, the 94 jurisdictions were ranked in order of financial complexity: 1 being most complex, through to 94 the least complex. TOP 10 MOST COMPLEX JURISDICTIONS FOR ACCOUNTING AND TAX COMPLIANCE 01 China 06 France APAC EMEA 02 Brazil 07 Bolivia AMERICAS AMERICAS 03 Turkey 08 Colombia EMEA AMERICAS 04 Italy 09 Mexico EMEA AMERICAS 05 Argentina 10 Russia AMERICAS EMEA 06 6 AT A GLANCE ASIA PACIFIC EUROPE APAC’s largest economy is now the world’s most With France, Italy and Russia in the top 10 most complex for accounting and tax. China takes over from complex, Europe is a less simple place to do business Turkey at the top of our complexity index, largely driven than some might imagine. France’s increase in by the continued embedding of the Golden Tax System, complexity comes just as a new government, led by which aims to introduce stricter monitoring and Emmanuel Macron, begins a business-friendly enhanced data sorting and transparency. There are, simplification process. Meantime Germany ranks just however, efforts in place to further open the Chinese outside the top 20, but alongside South Africa, is most economy to foreign investors. complex globally for compliance. MIDDLE EAST SOUTH AND NORTH AMERICA Turkey drops out of the top spot this year, as government Just as in our 2017 index, South and North America efforts to simplify regulation begin to kick in. Meanwhile, together comprise half of the world’s 10 most complex the UAE’s introduction of a VAT - in line with gulf-wide jurisdictions for accounting and tax compliance. While treaty obligations - sees this once-easy jurisdiction jump previously we pointed to the common practice of levying the rankings.
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