NEW DELHI, Sept. 28, 2019 / India is one of the several APAC countries that are implementing global Accounting and Tax standards and practices that will further boost its credentials as one of the easiest places to do business globally according to research by the TMF group, a leading provider of international administrative services.
The Global Business Complexity Index – Accounting and Tax analyses the key accounting and tax practices and trends across 76 jurisdictions worldwide. The report found that India continues to make strides to counter and minimise corruption and fraud by implementing rigorous accounting measures such as penalties, suspension of activities and even imprisonment. In efforts to continue to create a positive business environment, it is also one of the few countries in the world along with Hong Kong, Thailand and Malaysia (17%) that calls for mandatory audits.
While India still stands to benefit from greater digitization in filing of taxes and producing e-invoices, it implements Accounting and Tax regulations such as GAAP, mandatory audits, ease in maintaining records, that meet international standards and help businesses set up and operate efficiently and easily in the country. In comparison to other countries, India ranks amongst the minority (46 per cent) of jurisdictions in APAC where tax invoices are not submitted electronically.
“India has implemented practices and reformed policies to improve the business climate for all investors. This has led to India having international Accounting and Tax standards that are at par or better than many strong economies around the world. It has created a more transparent, open and trusted business environment, making it an attractive country to invest, set up businesses and operate in,” said Shagun Kumar, Managing Director for India at TMF Group.
The latest report expands on the Global Business Complexity Index announced in July, which ranked India as the 5th simplest place to do business out of the world’s ten largest economies. The reports by TMF Group, which are developed based on statistically weighted data and qualitative research by local market experts globally, in order to determine the level of complexity faced by multinational businesses as they look to understand and operate in other countries.
