SINGAPORE - Singapore has kept its ranking as the fifth easiest place in the world for companies to file and pay their taxes in, a new study has found.
It was conducted jointly by professional services firm PricewaterhouseCoopers (PwC) and the World Bank Group.
The report, now in its 10th year, compares tax regimes across 189 economies.
It records the taxes and mandatory contributions that a case study medium-sized company in its second year of business must pay.
In Singapore's case, this includes Central Provident Fund (CPF) employer contributions, as well as corporate tax.
The report also examines the administrative burden of paying taxes and mandatory contributions.
Such a company in Singapore would need 82 hours per year to comply with its tax obligations.
That is very considerably shorter than the global average of 264 hours.
The Singapore company would make five tax payments per year, again much lower than the global average of 25.9.
The total tax rate for the company here - that is the cost of all taxes borne by the company as a percentage of commercial profits - is estimated at about 18.4 per cent.
The global average is more than double that proportion at 40.9 per cent.
Qatar and the United Arab Emirates (UAE) tied for the top spot as countries where it is easiest for firms to file and pay taxes.
Companies in the UAE need a mere 12 hours per year to comply with their tax obligations, while those in Qatar need 41 hours. Firms in both countries make an estimated four tax payments per year.
The two are followed by Saudi Arabia and Hong Kong making up the top five.