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Thursday, 10th November 2016
The latest World Bank Doing Business report sees the country in fifth place among the world’s most tax-friendly jurisdictions, as well as becoming a top-10 destination for starting a business
The Republic of Ireland has again proved its credentials as one of the world’s most attractive business destinations, with the 2017 World Bank Doing Business report ranking the country in 10th place as one of best locations in which to start a business – up nine places on last year. Ireland is also ranked the fifth most attractive tax regime worldwide, and 11th of all OECD high-income economies in terms of the country’s overall business environment.
Now in its 14th year, the World Bank Doing Business report assesses regulations affecting domestic firms in 190 economies, ranking each on the basis of 11 criteria impacting the ease of doing business in any jurisdiction. Russell Bedford member firms have contributed to the report’s Paying Taxes survey since 2009, collating data on tax regulation, recent reforms and the comparative compliance burdens on entrepreneurs and businesses worldwide.
Tony Carey, managing partner of Russell Bedford’s Dublin member firm Cooney Carey, commented: “Ireland’s consistently good performance in the report’s tax rankings is due as much to light regulation as the total tax take: while their peers in other OECD countries are spending over 163 hours per year on their tax compliance, entrepreneurs here are spending roughly half that, at 82 hours. Equally gratifying is the very marked improvement in the country’s standing as a destination for new businesses – the result of easier incorporation requirements introduced last year.”