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World Bank Doing Business report cites Russia as the most improved tax regime worldwide
Igor Fedorov, Managing Director of Russell Bedford Moscow firm Mikhailov & Partners Consulting Group, comments on World Bank Paying Taxes survey
While Russia moves up six places in terms of its overall business environment (it is now ranked in 114th place of 185 economies worldwide), it is in terms of tax regulation that the country shows its most staggering improvement – moving up 30 places from 94th to 64th, an achievement unmatched by any other country. The report attributes this success to simpler VAT filing procedures and greater use of accounting software and electronic services.
Igor Fedorov, Managing Director of Russell Bedford Moscow firm Mikhailov & Partners Consulting Group, is far from complacent, however. “Russian businesses are now spending an average of 177 hours per year on fulfilling their tax compliance obligations – in line with the OECD average of 176. But the actual tax burden – as a percentage of profits – remains well in excess of global norms, at 54.1 per cent. Our peers in OECD countries pay only 42.7 per cent, and in Eastern Europe and Central Asia only 40.5 per cent. This cannot be considered competitive. We will continue to work with clients in minimising their total tax liabilities, and in lobbying for further reform.”
Notes to Editors
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 460 partners, 5000 staff and 280 offices in more than 90 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.
Mikhailov & Partners Consulting Group
2, Begovaya Street
T: +7 495 945 4463 / 4464
F: +7 495 945 2706