October 10, 2011: Canada has been ranked best destination for business by Forbes Magazine. This was announced in a survey conducted by Forbes magazine. According to Forbes, Canada has taken some crucial steps and relaxed the tax burden which has made the nation to jump from fourth position to the first in a year.
Forbes is one of the most reputed magazines which come up with relevant facts regarding the global business world for its readers. It was on Tuesday, 4th October edition which included information on the nations achievement. Forbes did the survey on the basis of 11 categories. Canada scored well in all the conditions and is the only country that was ranked above 10 in all the conditions. This is considered as a big achievement for the nation. In the previous year it was Denmark in the best position. Canada outperformed other countries such as New Zealand and Hong Kong. The conditions on which the countries were ranked were innovation and property rights. The other factors considered for evaluation were corruption in the country along with taxes, technology and freedom. The performance of the stock market was also taken into consideration.
Forbes magazine stated that in the present condition the US has been already paralyzed by economic down trend. It is expected that a double-dip recession might hit the United States in the very near future. In such critical conditions business in the nation is completely down, moreover the European nations are also struggling with debt issues which has impacts on business. According to Forbes among the 134 countries which underwent reviewed tax policies, Canada was ranked ninth. Compared from the previous year the country has grown rapidly and has contributed more towards the global business. It is all because of the overall revised tax policies, the report added.
The key findings of the study states that the nation has introduced harmonized sales tax last year which has definitely ended up in crucial opportunities for business magnets across the globe. Moreover, for the uplift of businesses, Canada has also lowered corporate and employee taxes. Forbes also extended the study to the present status of the banks in Canada. The findings were again very crucial as it was analyzed that the banks has more matured and emerged out from pathetic conditions. From 2007 the banks in the country were performing at the poorest but the scenario has changed.
Experts in Canada consider that the findings will help the nation to be more focused and also advanced in strategic decision makings.