Complexity contest.

• Position: OFF THE NEWS

A recent survey ranked financial complexity in jurisdictions around the world. Experts looked at factors such as accounting and tax rules, the risks associated with non-compliance, and the relative ease or difficulty of reporting requirements.

Unsurprisingly, the five least-complex jurisdictions have simplified reporting requirements and beneficial tax rates to encourage investment.

The most complex place to do business is Turkey, where enterprises must report in both Turkish language and currency. It is mandatory in Turkish accounting to work with original hard copy documents. If a company is required to use electronic ledgers, they must use accounting software that has been approved and authorized by the Ministry of Finance (currently, no international software provider has applied to attain authorization).

In contrast, the Cayman Islands have no income taxes, capital gains taxes, profits tax, or estate taxes. Bank secrecy laws are...