Easier tax processes boost business in Finland

Thomas Wahlström, managing partner of Wabuco Oy, comments on World Bank Paying Taxes survey
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March 29, 2012 - PRLog -- A recent World Bank report has ranked Finland just outside the world’s top ten business environments.  Now ranked in 11th place in the annual World Bank Doing Business report, simplification of its VAT and labour tax compliance systems have also seen Finland leap 31 places (from 59 to 28) in the bank’s annual Paying Taxes survey.

The annual World Bank Doing Business report assesses regulations affecting domestic firms in 183 economies, ranking each on the basis of various criteria including ease of starting a business, insolvency resolution, cross-border trade and the ease (or otherwise) of paying taxes.  Russell Bedford member firms have contributed to the report’s Paying Taxes survey since 2009, with 51 member and correspondent firms this year contributing data on tax regulation, compliance and the real tax burden on businesses and entrepreneurs.

Thomas Wahlström, managing partner of Russell Bedford member firm Wabuco Oy, commented: “It is very encouraging to see Finland’s highly competitive business environment recognised in this way – particularly in respect of personnel taxes and VAT: the two most time-consuming tax procedures, as any business owner will know.  Businesses in Finland are now spending an average of only 93 hours per year on tax compliance.

The new Tax Account online filing system, introduced in 2010, has generally been helpful in reducing the tax compliance burden.  On the other hand, the benefits for small businesses are less clear – its use can be surprisingly time-consuming in certain cases.  This needs to be monitored closely over the next couple of years, and appropriate improvements introduced if Tax Account is to deliver genuine benefit to those businesses that need it most.”

For further information, contact Thomas Wahlström on +358 9 6844 950  or Kempton Bedell-Harper on +44 20 7410 0339.  Alternatively, visit the websites at www.wabuco.fi and www.russellbedford.com .

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Kempton Bedell-Harper
Marketing Director
Russell Bedford International
Russell Bedford House
250 City Road, London EC1V 2QQ
United Kingdom
T: +44 20 7410 0339
F: +44 20 7459 2337
E: info@russellbedford.com
W: www.russellbedford.com

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Global network of accounting and business consultancy firms in key locations around the world. Represented by some 200 offices in more than 70 countries in Europe, the Americas, the Middle East, Africa and Asia-Pacific.
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