This content is from: United Kingdom
Accounting & tax: The global and local complexities holding multinationals to account
TMF Group reports on the global accounting and tax landscape, examining the growth of the digital economy and the impact of the COVID-19 crisis on markets worldwide.

- Internationalisation versus localism with global standardisation harmonising some accounting and tax practices, while local complexities persist – and are even increasing – in some jurisdictions.
- Modernisation versus tradition as global trends are based around a drive towards modern practices, whereas local considerations often reflect traditional modes of operation.
- Technology’s role in fostering a globalised business environment and how this is being deployed and used for accounting and tax reporting around the world.
The five most complex markets:
JURISDICTION | RANK |
Argentina | 1 |
Bolivia | 2 |
Greece | 3 |
Brazil | 4 |
Turkey | 5 |
Drivers of complexity for the top five most complex accounting and tax jurisdictions are frequent, and rapidly enforced changes in legislation can often lack clarity and be challenging to understand. Another key driver is having varying tax regimes and multiple layers of tax regulations within a jurisdiction. This is particularly apparent in South America, which houses three of the five most complex accounting and tax environments.
The five least complex markets:
JURISDICTION | RANK |
Hong Kong SAR | 73 |
Switzerland | 74 |
Curaçao | 75 |
Denmark | 76 |
British Virgin Islands | 77 |
The least complex jurisdictions for accounting and tax ‘partner’ with businesses that operate within them, establishing a relationship between companies and tax authorities. For some of the least complex jurisdictions such as Curaçao and the British Virgin Islands, there is very little requirement to pay tax as they operate a ‘low tax’ or ‘tax neutral’ economy. Any taxes that do need to be paid in the least complex jurisdictions can usually be submitted through an online portal via user-friendly systems.
The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms and Conditions and Privacy Policy before using the site. All material subject to strictly enforced copyright laws.
© 2021 Euromoney Institutional Investor PLC. For help please see our FAQ.