January 15, 2008 - Nineteen accounting, law, and consulting experts and firms operating in the Czech Republic were awarded “Doing Business Contributors’ Awards” by the World Bank and the International Finance Corporation (IFC) in a ceremony organised jointly by the World Bank, IFC, and PricewaterhouseCoopers in its premises. The Awards acknowledge the most loyal Local Partners of the World Bank/IFC Doing Business project.
Two Czech lawyers, Messrs. Jiří Černý of Peterka & Partners and Ludvík Vrána of Linklaters, have been collaborating with the project since it started. 17 other experts from Ambruz & Dark, Baker & McKenzie, Czech Banking Credit Bureau, DLA Piper, Glatzová & Co. Law Offices, Linklaters, Peterka & Partners, PricewaterhouseCoopers, and Procházka Randl Kubr were also awarded.
Each year the World Bank and IFC publish the Doing Business report, which compares regulations from around the world that affect the ease of doing business. The Doing Business project is based on the generous pro bono efforts of more than 5,000 local experts – business consultants, lawyers, accountants, government officials, and leading academics around the world, including around thirty from the Czech Republic – who collect data and provide methodological support and review. The data, methodology, and the names of contributors are publicly available online at www.doingbusiness.org.
“Doing Business 2008 rankings necessitated collection of more than 80,000 pieces of data about 10 areas of business regulation that track the time and cost to meet government requirements in business start-up, operation, trade, taxation, and closure. Filling such a large database of the most up-to-date information would be unthinkable for any single institution. The contribution of Local Partners is absolutely essential for the project”, said Jana Matesova of the Doing Business project who presented the awards.
Since its launch in 2003, Doing Business has inspired or informed more than 113 reforms around the world. PricewaterhouseCoopers is a Global Partner of the Doing Business project for tax systems. Since 2006 the World Bank, IFC and PricewaterhouseCoopers have published an annual series on tax systems, Paying Taxes.
“We value very much the award from the World Bank for co-operation on the Doing Business and Paying Taxes projects as these projects create a prerequisite for enhancement of the business environment of individual countries. At the same time, the global partnership with the World Bank reiterates qualities of PricewaterhouseCoopers in individual countries where we operate,” said Steve Booth, managing partner of PricewaterhouseCoopers in the Czech Republic.
The Paying Taxes study allows direct comparison of tax systems from around the world. It shows how businesses are affected not only by tax rates, but also by the procedural burden of compliance. Complying with administrative tax requirements remains a real burden for business in the Czech Republic. Globally, on average, a company spends almost two months a year complying with tax regulations. However, there are wide variations between countries.
“For example, on average it takes a small or medium firm only seven business days to comply with tax regulations in Luxembourg, but more than 130 day in the Czech Republic”, said Jana Matesová of the Doing Business team.
For more information or a copy of the report, please visit: www.doingbusiness.org/taxes
or contact:
World Bank-IFC: Rebecca Ong, phone: +1 (202) 458 0434
PricewaterhouseCoopers: Lenka Čábelová, phone: +420 251 151 828
Notes to Editor
About the Doing Business Project:
Doing Business 2008 rankings are based on 10 indicators of business regulation that track the time and cost to meet government requirements in business start-up, operation, trade, taxation, and closure. The rankings do not reflect such areas as macroeconomic policy, quality of infrastructure, currency volatility, investor perceptions, or crime rates. Since 2003, Doing Business has inspired or informed more than 113 reforms around the world. For more information, visit www.doingbusiness.org
About Paying Taxes 2008
The Paying Taxes study was carried out by PricewaterhouseCoopers and the World Bank Group as part of the World Bank Group’s Doing Business 2008 report. The methodology applied to calculate the total tax rate for each country uses the broad principles from the PricewaterhouseCoopers Total Tax Contribution Framework and looks across all taxes that businesses pay. The total tax rate indicator measures the amount of all taxes borne by the business in the second year of operation, expressed as a percentage of commercial profits.
About PricewaterhouseCoopers
PricewaterhouseCoopers (www.pwc.com) provides industry-focused assurance, tax, and advisory services to build public trust and enhance value for its clients and their stakeholders. More than 146,000 people in 150 countries across our network share their thinking, experience, and solutions to develop fresh perspectives and practical advice. PricewaterhouseCoopers refers to the network of member firms of PricewaterhouseCoopers International Limited, each of which is a separate and independent legal entity.
About IFC
IFC, a member of the World Bank Group, fosters sustainable economic growth in developing countries by financing private sector investment, mobilising private capital in local and international financial markets, and providing advisory and risk mitigation services to businesses and governments. IFC’s vision is that poor people have the opportunity to escape poverty and improve their lives. In FY07, IFC committed $8.2 billion and mobilised an additional $3.9 billion through loan participations and structured finance for 299 investments in 69 developing countries. IFC also provided advisory services in 97 countries. For more information, visit www.ifc.org.
For more information on the World Bank, visit www.worldbank.org.
