Singapore holds on to top spot in latest World Bank Doing Business rankings

LONDON - Jan. 7, 2015 - PRLog -- Singapore has again retained the top spot in the latest World Bank Doing Business rankings, making it the most favourable business environment in the world.  The country also retains its top-place rankings as the best jurisdiction for cross-border trade, and the best for contract enforcement.

The latest report, Doing Business 2015: Going Beyond Efficiency, examines the compliance burden on entrepreneurs in 189 jurisdictions worldwide.  Russell Bedford member firms have contributed to each of the report’s Paying Taxes surveys since 2009, contributing data on tax regulation, recent reforms, and the real costs of tax compliance.  Responding to criticism of its methodology in recent years, the 2015 edition reflects a number of changes, no longer ranking countries’ performance solely on their aggregate scores in various categories, but also in terms of their ‘distance to frontier’, reflecting each country’s progress in moving towards accepted norms of international best practice.  Here, too, Singapore maintains first place, with a score of 88.27 per cent, ahead of its closest competitors New Zealand (86.91) and Hong Kong  (84.97).

While the country’s ranking in the bank’s Paying Taxes survey does not quite match its overall performance, Singapore does, nonetheless, continue to offer one of the world’s best tax environments, remaining in fifth place, with a ‘distance to frontier’ score of 97.19 per cent.

Douglas Tan, managing director of member firm Steven Tan Russell Bedford PAC, commented: “It is deeply gratifying to see Singapore retain its leading position as the world’s best business location – and one of the world’s most efficient tax environments.  Businesses in Singapore are spending an average of 82 hours a year on their tax compliance obligations, significantly less than their OECD peers.”

ENDS

Note to 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 600 partners, 5000 staff and 290 offices in more than 100 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

Douglas Tan

Steven Tan Russell Bedford PAC

T: +65 6222 7088 / 7777

E: douglas@stcsamasmgt.com.sg

W: www.strb.com.sg