Singapore and Hong Kong have the most straightforward tax policies compared to other areas in the region, according to the first Asia-Pacific Tax Complexity Forecast from accounting firm Deloitte.
The firm conducted a survey of over 1,000 respondents and found out that several companies selected the two economies for the establishment of their regional business centres due to stable tax policies.
Respondents said by 2013 Singapore was likely to have the least complicated tax policies followed by Hong Kong and Australia.
Singapore was also on top of the list when it came to tax environment predictability, as well as consistency in tax enforcement practises.
Both Hong Kong and Singapore conduct operations under a simple one-tier tax system, which deals with only a single level of tax authority, said Deloitte.