Hong Kong beats Singapore in tax system efficiency ranking

Singapore only came in fifth globally.

A new report from the World Bank, the International Financial Corporation (IFC) and PwC, once again ranks Singapore as a front Released globally in Singapore for the first time in 185 economies and finds that the most common tax reform is the introduction or improvement of online systems for tax compliance, which occurred in 16 economies.

The report finds that on average, globally, a medium of profits, making 27.2 payments, and spending 267 hours to comply with its tax requirements. In comparison, findings on Singapore show a significantly lower TTR payments, and spending 82 hours to comply with One core tax per tax base, a low number of hours needed to comply and a highly competitive TTR continues to the hallmark of Singapore’s stable and simple tax system.

Singapore however was outwitted by Hong Kong which ranked fourth next to United Arab Emirates, Qatar and Saudi Arabia.