World Bank Places South Africa Among Most Tax-friendly Environments In Africa
Nick Reed, managing partner of Russell Bedford firm Watermark Auditors Incorporated, Johannesburg, comments on World Bank Doing Business report.
- (1888PressRelease) November 28, 2013 - The latest World Bank Doing Business report shows South Africa continuing to move up the ranking as one of the best business tax environments on the continent.
With the report now in its 11th year, Doing Business 2014: Understanding Regulations for Small and Medium-Size Enterprises analyses the impact of regulations throughout the business lifecycle across 189 jurisdictions, ranking economies on the basis of 10 indicators including ease of starting a business, and paying taxes. Russell Bedford member firms have contributed to each of the report's Paying Taxes survey since 2009, contributing data on tax regulation, recent reforms, and the real costs of tax compliance worldwide.
While South Africa remains unchanged in 41st place worldwide for overall ease of doing business, the total tax burden on businesses is lower than that of its other African peers. Moving up two places to 24th worldwide, South Africa's tax environment is now more business-friendly than that of Cyprus, Iceland, the Netherlands and Sweden. With the total tax take reduced over the past year from 32.7 per cent to 30.1, the country remains ahead of the OECD average of 41.3 per cent, and substantially ahead of the Sub-Saharan average of 53.3 per cent.
Nick Reed, managing partner of Russell Bedford member firm Watermark Auditors Incorporated commented: "This year's report is encouraging - the reduction in the total tax take, in particular. But there are no grounds for complacency, and new legislation next year (specifically regarding National Health Insurance and the potential introduction of carbon taxes) could have significant impacts for business."
Notes for 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 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.
Contacts:
Kempton Bedell-Harper
Russell Bedford International
T: +44 20 7410 0339
E: info ( @ ) russellbedford dot com
W: www.russellbedford.com
Nick Reed
Watermark Auditors Incorporated
T: +27 11 705 0000
E: nick ( @ ) watermark dot co dot za
W: www.watermarkgroup.co.za
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