INDIA 10TH MOST COMPLEX COUNTRY FOR ACCOUNTING, TAX COMPLIANCE

India has been ranked 10th among the most complex countries in the world for accounting and tax compliance. The appraisal followed the survey done by a leading MNC across 94 countries in Europe, Middle East, Africa, Asia and America on the ease of doing business. As per the survey, rank “1” means most complex, while rank “94” means the least complex. India’s taxing and accounting system has been found to be more complex than Pakistan’s ( 19) and Myanmar’s (73). China fares worse than India at 7. Turkey is ranked 1, followed immediately by Brazil and Italy. In the Asia Pacific region, India is ranked as the third most complex country behind Vietnam and China.

The survey, titled “The Financial Complexity Index-2017” was done by TMF Group, a multinational professional service headquartered in Amsterdam, the Netherlands. It has offices in over 80 “jurisdictions”, that is countries.

The five least complex ju- risdictions that have simplified reporting requirements and beneficial tax rates to encourage investment, as per the survey, are Jersey (90), Hong Kong (91), the UAE (92), British Virgin Islands (93) and the Cayman Islands (94).

The survey was done before Goods and Services Tax (GST) comes into effect and has raised questions on the seriousness of some bureaucrats regarding Prime Minister Narendra Modi’s call for easing the environment of doing business in India.