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Businesses in Ukraine Face One of the Most Challenging Tax Environments in the World


New World Bank Doing Business Report shows businesses in Ukraine are spending an average 350 hours per year on managing their tax compliance: almost double the OECD average.

London, United Kingdom, December 03, 2015 --(PR.com)-- Published annually, the World Bank Doing Business project provides objective measures of business regulations for local firms in 189 economies worldwide. The latest report, Doing Business 2016: Measuring Regulatory Quality and Efficiency, shows businesses in Ukraine are spending 350 hours per year in meeting their tax compliance obligations: well in excess of the average for Europe and Central Asia, at 232.7, and almost double the OECD average of 176.6.

Ukraine’s performance here is among the worst in the region, with only Albania (357 hours), the Czech Republic (405 hours) and Bulgaria (423 hours) performing worse.

Member firms of the Russell Bedford International accounting and tax consulting network, including Russell Bedford member firm Riqueza Capital Group, Kiev, contributed data to the report’s Paying Taxes survey. This year’s Paying Taxes report highlights the importance of electronic filing, citing more than 85 per cent of jurisdictions in Europe now allowing online submissions, in contrast to less than 30 per cent in 2006.

Iryna Shtefano, managing partner, commented: “The government, together with tax professionals, has made some significant changes to Ukraine’s tax regime in 2015. Their efforts, however, were mostly focused on fighting tax fraud and building horizontal equity (making sure individuals and businesses with similar levels of income pay similar levels of tax). Those changes that would make tax compliance easier and less time-consuming are still to come.”

About Riqueza Capital Group

Riqueza Capital Group (RCG) is a leading professional services firm in Ukraine, providing audit, consulting, financial advisory, risk management, and tax services to multinational companies and their subsidiaries, as well as major domestic industrial groups. The firm has clients in a broad range of sectors, such as agriculture and food production, oil, construction and development, retail, software, media and publishing.

Contact:
Iryna Shtefano
Riqueza Capital Group
T: +380 97 927 5801 / 44 281 2340 / 44 281 2344
E: i.shtefanyo@riqueza.com.ua
W: www.riqueza.com.ua

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 600 partners, 5000 staff and 290 offices in more than 100 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.

Contact:
Kempton Bedell-Harper,
Russell Bedford International
T: +44 20 7410 0339
E: kempton.bedell-harper@russellbedford.com
W: www.russellbedford.com

About the World Bank Doing Business project

The Doing Business project provides objective measures of business regulations and their enforcement across 189 economies and selected cities at the subnational and regional level.

The Doing Business project, launched in 2002, looks at domestic small and medium-size companies and measures the regulations applying to them through their life cycle.

By gathering and analysing comprehensive quantitative data to compare business regulation environments across economies and over time, Doing Business encourages economies to compete towards more efficient regulation; offers measurable benchmarks for reform; and serves as a resource for academics, journalists, private sector researchers and others interested in the business climate of each economy.

In addition, Doing Business offers detailed subnational reports, which exhaustively cover business regulation and reform in different cities and regions within a nation. These reports provide data on the ease of doing business, rank each location, and recommend reforms to improve performance in each of the indicator areas. Selected cities can compare their business regulations with other cities in the economy or region and with the 189 economies that Doing Business has ranked.

The first Doing Business report, published in 2003, covered 5 indicator sets and 133 economies. The new report covers 11 indicator sets and 189 economies. Most indicator sets refer to a case scenario in the largest business city of each economy, except for 11 economies that have a population of more than 100 million as of 2013 (Bangladesh, Brazil, China, India, Indonesia, Japan, Mexico, Nigeria, Pakistan, the Russian Federation and the United States) where Doing Business, also collected data for the second largest business city. The data for these 11 economies are a population-weighted average for the two largest business cities. The project has benefited from feedback from governments, academics, practitioners and reviewers. The initial goal remains: to provide an objective basis for understanding and improving the regulatory environment for business around the world.
Contact Information
Russell Bedford International
Kempton Bedell-Harper
+44 20 7410 0339
Contact
www.russellbedford.com

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