Poland: Poland 51st Most Complex Place In The World For Accounting And Tax Compliance

The country has eased slightly in complexity since its 47th placing in the 2017 Financial Complexity Index.

Poland is the 51st most complex place in the world for accounting and tax compliance - according to TMF Group's second annual Financial Complexity Index 2018.

China is at number 1, while for a second year, the Cayman Islands at 94 come in as the least complex jurisdiction for compliance from an accounting and tax perspective.

To determine the rankings with its in-country experts, TMF Group used a 74-question survey with weighted complexity parameters, namely; regulatory compliance, tax, statutory reporting and bookkeeping.

THE 10 MOST COMPLEX JURISDICTIONS FOR FINANCIAL COMPLIANCE

Poland has eased slightly in complexity since its 47th placing in the 2017 Index – now ranked 51st globally while out of the 50 jurisdictions ranked in EMEA, Poland is 28th.

Commenting on Poland's ranking, TMF Poland Managing Director Patrycja Strzelecka said, "the Polish government has done a lot to simplify accounting and compliance complexity over the past year in order to attract international investment, and make the country a friendlier place to do business. At the same time Poland has stiffened its tax system to seal up the rules for VAT taxation, and reduce VAT fraud."

Fellow Managing Director Mikolaj Plucinski added "Poland has managed to improve its business environment in recent years, and this is evidenced by the country's move up in international competitiveness rankings. Poland's easing in financial complexity is only going to add to its attractiveness for foreign investors, many of whom already see us as one of the top investment locations, not just in CEE but in Europe as a whole."

Elsewhere in Europe it is more complex to do business. France's increase in complexity this year (6) comes just as a new government begins a business-friendly simplification process. Meantime Germany ranks just outside the top 20, but alongside South Africa, is most complex globally for compliance.

TMF Group's second Financial Complexity Index is dominated by the impact of the global move towards transparency and conformity. Many countries are passing reforms to simplify their economies not only to attract investment, but to ensure the country ticks the compliance box for movements such as the OECD'S Base Erosion and Profit Shifting (BEPS) project and the Common Reporting Standard (CRS).

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Learn more about the complexities of accounting and tax in Poland at our 16 May 2018 event in Warsaw – register here.

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