30 Oct '13, 3pm

Singapore's Simple Tax System Makes It The Best Country To Do Business In

Singapore's Simple Tax System Makes It The Best Country To Do Business In

WONG MAYE-E In the World Bank's latest "Doing Business" report, an annual ranking of countries by the ease of doing business in each, Singapore retains the top spot as the country that is the easiest to do business in. The tiny island nation has dominated this list for the past six years. It takes just three days to start a business in Singapore, according to the report, which is lower than the OECD average of five days and significantly lower than Asia's average of nearly 30 days. Apart from its business-friendly laws and flexible immigration policy, one big reason why Singapore has dominated the list for so long is its simple method for filing taxes. The report makes a case study of Singapore's tax-filing system, which was converted to a simple, all-electronic process in 1992. From the report: "Going electronic made administrative processes more efficient... The time nee...

Full article: http://www.businessinsider.com/singapore-tops-list-of-mos...

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