WHENEVER one talks of ease of 'Doing
Business'' it is but natural to think of some developed countries or
East Asian countries like Hong Kong and Singapore. But for a change and
as a massive morale booster for small and developing countries, Maldives
- one of the SAARC countries - has topped the global list of nations as
the easiest country to pay tax in and the country with the lowest total
tax of all.
According to the latest report of World Bank in association
with PwC titled 'Paying Taxes: The Global Picture', Maldives has emerged
as an attractive alternative to offshore tax havens like Isle of Man
and British Virgin Islands. According to the OECD, Maldvies is not
treated as a tax haven thriving on harmful tax competition but functions
in a transparent manner and has no laws which restrict full exchange of
tax information.
The focus of the WB Report is to make world's governments
realise that there is a necessity to make payment of taxes far easier if
nations are to lure business, curb tax evasion and prevent tax
avoidance. Maldives has indeed emerged as a powerful alternative to tax
havens for those seeking simple jurisdiction.
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