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REGIONSAMERICAS


FRANCE AND MEXICO ALSO STAND OUT IN TMF’S ANNUAL GLOBAL BUSINESS COMPLEXITY INDEX


Brazil leadsin complexity


NewYork retains FDI crown


Across the US, NewYork ranked first for revenue lost to tax abate- ments for investors between 2017 and 2020, foregoing $11.2 bn in fiscal revenues, while remaining the largest recipient of foreign investment in the country. Atlanta’s big subsidy programme


also kept the city in a strong FDI posi- tion, while Philadelphia did not make back what it spent. Government subsidies in the


form of tax credits have long been an instrument in the toolboxes of economic developers for attracting investments from large corporations. While some argue that tax incen-


tives do more fiscal damage to a community than they do good, others maintain their importance in the site selection process as a gesture that ultimately encourages invest- ment and job creation. fDi compared 10 of the top US


Brazil is the most complex country to do business in, says the TMF Group’s Global Business Complexity Index BRAZIL


Brazil is the most complex coun- try to do business in, according to the Global Business Complexity Index (GBCI)—a ranking published by the TMF Group, a global professional services firm—as the country’s push towards international coop- eration does little to remove local complexities. The annual report analyses


rules, regulations, tax rates, accounting procedures, penalties and compliance issues across 77 jurisdictions to shed light on the difficulties businesses face when entering new markets. France and Mexico came in second and third, respectively, according to the report. Mark Weil, chief executive of


TMF Group, tells fDi that “Brazil suffers fromrules at local, state and federal level, in part reflecting its size versus smaller jurisdictions”. “We’re not [saying] don’t invest


in Brazil,” Mr Weil explains. “What we are saying is that businesses going into markets [like Brazil] should be prepared to deal with local requirements and have knowl- edge of local procedures.” Despite its red tape, the report


highlights that Brazil is an attractive investment destination. Of late, there


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has been a concerted effort on the part of the national government to boost foreign investment in various sectors, in particular energy. In the 2020 iteration of the


report, Brazil ranked second to Indonesia, which in turn has fallen to number six this year. Indonesia is the only country in Asia-Pacific listed in the top ten. France is deemed the second


most complex jurisdiction, owing to “complexities in accounting and tax processes, and heavily employee- centric HR regulations”. Despite looking at just 32% of


the globe’s total country count, the report aims to capture 92% of world gross domestic product and 95% of net FDI inflows. The report finds the least


complex countries to be Denmark, Hong Kong and the Cayman Islands. The UK fell to 58th place from44th in 2019, thanks mainly to reduced uncertainty around Brexit. In the case of Hong Kong, its


methodology does not account for the impact of the National Security Law—a piece of legislation passed by the Chinese government last year criminalising acts of “secession”, “subversion”, “terrorist activities”, and “collusion with foreign forces”, whichmay test overseas businesses.■ SETHO’FARRELL


cities for FDI between 2017 and 2020 with data provided by Good Jobs First, aWashington DC-based non- partisan group promoting accounta- bility in economic development, to examine the relationship between revenue given up to tax abatement programmes and inward FDI.■ NAOMIGALLAGHER


Boliviafuels gasmarket


Bolivia’s state-runoilandgas company, Petrolíferos Fiscales Bolivianos (YPFB), unveiled its National Plan for the Reactivation ofUpstreamonJuly 29, as it expects to partner withforeign companiesandoperators to inject theeconomy witha $1.4bn investment in gas exploration. The president of YPFB, Wilson


Zelaya, said that the plan will have explorationopportunities in “mature and closed fields” for thecompany to engage in withforeigncompanies, subsidiaries and operators. YPFB has a portfolio of 17


exploratory projects across seven out of the country’s nine departments. Former Bolivian president Evo


Morales nationalised the hydrocarbons sector whenhe came to power in 2006.■ SETHO’FARRELL


www.fDiIntelligence.com August/September 2021


17


BOLIVIA’SSTATE-OWNEDOILANDGAS COMPANYHASUNVEILEDAPORTFOLIO OF17INVESTMENTOPPORTUNITIES


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