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UK now one of the top-10 tax destinations in the world

Tuesday, 8th November 2016


The latest World Bank Doing Business report sees the UK ranked the world’s 10th most attractive tax destination, up one place on last year. The country is also ranked in seventh place for overall ease of doing business, ahead of other major economies including the United States and Germany

 

The 2017 World Bank Doing Business report shows the UK in sixth place among the world’s most attractive business destinations, ahead of the United States (down one place to 7th) and Germany (down two places to 17th). The report’s Paying Taxes survey also shows the UK moving into the world’s top-10 tax destinations, up one place on last year’s ranking of 11th.

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.

The UK records a competitive performance in terms of its overall compliance burden, with UK companies spending only 110 hours per year on their tax returns, compared to an average 163.4 hours across OECD high-income countries. The country’s total tax take, at 30.9 percent, also remains competitive against the OECD high-income average of 40.9 percent.

Mark Turner, managing partner at Russell Bedford member firm Lubbock Fine, London, commented: “It is gratifying to see the fundamental attractiveness of the country’s tax regime and business environment confirmed in this year’s World Bank Doing Business report. Whatever the ultimate outcome of Brexit negotiations, the UK’s regulatory framework means it is likely to remain one of the most attractive business destinations worldwide.”