Poland 2nd in Europe in terms of complexity of regulations for business

by   CIJ News iDesk III
2021-07-08   16:54

Poland ranked 2nd in Europe and 10th in the world among the countries with the most complex regulations regulating business, according to the TMF Group report "Global Business Complexity Index 2021". The most difficult thing in the world is to do business in Brazil, in Europe - in France.

"The worst result of Poland in history in terms of the ease of doing business results from the frequently changing law, low transparency as to its application rules and a smaller package of benefits for foreign investors than in other countries. The time of the pandemic did not help in this situation, but it should be remembered that all countries were struggling with this difficult situation, and we unfortunately did not fare well against them, "said the managing director of TMF Group in Poland, Joanna Romańczuk.

"Listings such as the TMF Global Business Complexity Index are signposts for investors planning international development. The advantage of companies with capital for development is gaining in those countries where it is easiest to do business. We have a lot to catch up on, not only in relation to global leaders, but also, and perhaps above all, to European countries with which we compete for investors," added Romańczuk.

In Europe, the easiest way to do business is in Denmark, Ireland, the Netherlands, Luxembourg and Malta, the hardest - in France, Poland, Greece, Italy and Belgium. Brazil, France, Mexico, Colombia and Turkey, respectively, were in the lead of the least friendly countries in the world in this respect, the report also said.

The report stresses that the main challenge for Poland is to "simplify the administrative requirements for enterprises and take steps towards full digitization and unification along the lines of the Nordic countries".

"If we manage to accelerate the digital transformation, then we can expect a further increase in foreign investments in Poland and greater interest from international business," said the TMF Group director for EMEA, Europe, Middle East, Juraj Gerzeni.

This year's report examines the key areas of business administration and compliance in 77 jurisdictions. This year's report analyzed accounting and tax regulations, HR and payroll regulations as well as issues related to the global management of business entities, TMF Group reported.

TMF Group is a company providing administrative business services for companies in the field of international development - both organic or as a result of mergers and acquisitions, and for investment funds. It has over 7.8 thousand. experts in over 80 locations. It offers a total of fiduciary, corporate secretarial, accounting, tax, HR and payroll services.

TMF Polska is one of the largest branches of the TMF Group in the Europe, Middle East and Africa (EMEA) region. It employs over 500 experts in offices in Warsaw and Katowice. She provides services to over 800 Polish and international clients in the field of accounting and taxes, HR and payroll services and corporate secretariat.

Source: TMP and ISBnews