Tax regime vs business & development

Transcription

1 Tax regime vs business & development Georgia Stamatelou 20 October

2 Contents Global Competitiveness Index Rankings Performance overview Factors when assessing the benefits of a country s tax system Problematic factors for doing business in Greece Factors impeding business and development 2

3 Factors when assessing the benefits of a country s tax system 75% Advance warning of major changes 83% Predictability of action taken by tax authorities 45% Availability of advance tax rulings 41% Personal tax regime 72% Simplicity 48% Taxation of foreign profits (CFC regime) 88% Stability over the years 77% Low effective tax rate Source: Succeeding in uncharted waters. Assessing the competitiveness of the UK, KPMG UK Survey 3

4 Global Competitiveness Index Rankings Rank 1st in EU / 4th Globally Rank 28th in EU / 87th Globally 4

5 Performance overview Global Competitiveness Index - Greece 87 1 pillar: Institutions 87 2 pillar: Infrastructure 38 3 pillar: Macroeconomic environment pillar: Health and primary education 48 5 pillar: Higher education and training 44 6 pillar: Goods market efficiency 93 7 pillar: Labor market efficiency pillar: Financial market development pillar: Technological readiness pillar: Market size pillar: Business sophistication pillar: Innovation 75 Source: International Monetary Fund; World Economic Outlook Database (April 2017) 5

6 Problematic factors for doing business in Greece Inflation Crime and theft Foreign currency regulations Inadequately educated workforce Poor public health Poor work ethic in national labor force Restrictive labor regulations Insufficient capacity to innovate Inadequate supply of infrastructure Corruption Access to financing Government instability/coups Policy instability Tax regulations Inefficient government bureaucracy Tax rates Source: World Economic Forum, Executive Opinion Survey

7 Emphasizing to the constant change of tax Laws Η ΚΑΘΗΜΕΡΙΝΗ 7

8 Factors impeding business & development Complexity of tax system Very high taxation rates failing to bring anticipated high revenues Greek Tax Laws changed 82 times in 4 years Handicaps of business and development Lack of codification of tax provisions 8

9 Thank you Georgia Stamatelou Partner, Head of Tax

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