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Accountancy, Audit and Tax

Overview: Accountancy and auditing and tax in the Commonwealth

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The reporting of financial results is a compulsory element of company law throughout the Commonwealth. There is, therefore, an ever-present and wide demand for accountancy, audit and professional services. Equally there are many firms of varying size and capacity up to the task.

Accountancy and auditing services for most major companies around the Commonwealth is done in many cases by member firms of international accounting networks such as the big four and, in a number of cases, a few established local medium-sized firms. One needs no introduction to the big four – Ernst & Young, Deloitte, KPMG and PwC – all of whose earliest origins are in the Commonwealth specifically London, UK. Three of them are still headquartered there.

It is necessary to mention that the existence of such big international players in the accountancy field does not, however, discount the work of local SME firms who are well qualified and ready to deal with the scope of many professional tasks requiring great expertise and local knowledge. Such accountancy and audit firms are in reality the backbone of the profession in all countries.

The average tax rate on corporate profit for a Commonwealth country is 44% as opposed to rest of the world, 49%.  Vanuatu, Maldives and Namibia have the lowest corporate profit tax rates, all below 10% (2010).

Select a Country:
Antigua and Barbuda Australia The Bahamas
Bangladesh Barbados Belize
Botswana Brunei Darussalam Cameroon
Canada Cyprus Dominica
Fiji Ghana Grenada
Guyana India Jamaica
Kenya Lesotho Malawi
Malaysia Malta Mauritius
Mozambique Namibia New Zealand
Nigeria Pakistan Papua New Guinea
Rwanda Saint Lucia Samoa
Seychelles Sierra Leone Singapore
Solomon Islands South Africa Sri Lanka
St Kitts and Nevis St Vincent and The Grenadines Swaziland
Trinidad and Tobago Uganda United Kingdom
United Republic of Tanzania Vanuatu Zambia