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Politics : Formerly About Advanced Micro Devices -- Ignore unavailable to you. Want to Upgrade?

To: tejek who wrote (532749)	11/25/2009 4:57:33 PM
From: TimF	Read Replies (1) \| Respond to of 1576600

Denmark has high personal taxes rates, but low corporate rates, and in many other ways has a very free economy. The overall relative burden of government is less than the high personal tax rates by themselves would suggest. Denmark is only two places below the US in Heritage's index of economic freedom rankings. --- Denmark's economic freedom score is 79.6, making its economy the 8th freest in the 2009 Index. Its overall score is 0.4 point higher than last year, mainly due to a slightly improved score in property rights. Denmark is now ranked 2nd freest among the 43 countries in the European region, and its overall score is well above the regional average. Denmark performs well on eight of the 10 components of economic freedom. It has a strong tradition of openness to foreign investment and trade, and transparent and efficient regulations are applied evenly in most cases. Denmark also boasts an efficient, independent judiciary that pro-tects property rights effectively, and the level of corruption is extraordinarily low. Two significant weaknesses hold down Denmark's overall economic freedom. While the corporate tax rate is one of the lowest among members of the European Union, personal income taxes are very high, and the overall tax burden is significant. There are few state-owned industries, but government spending equals over 50 percent of GDP. ... Business Freedom 99.9 The overall freedom to start, operate, and close a business is strongly protected by Denmark's regulatory environment. Starting a business takes an average of six days, compared to the world average of 38 days. Obtaining a business license requires much less than the world average of 18 procedures and 225 days. ... Investment Freedom 90.0 Foreign and domestic investors are subject to the same laws. As a rule, foreign direct investment is not subject to restrictions or prescreening. The investment code is relatively transparent and in line with international standards. Bureaucratic procedures are streamlined and transparent. Incentive financing, often targeted to preserve the environment, is available to foreign and domestic businesses. Ownership restrictions apply to a few sectors, such as real estate, where there is usually a five-year residency requirement for foreigners. There are no restrictions on converting or transferring funds associated with an investment into or out of Denmark. Financial Freedom 90.0 Denmark's financial system is competitive, though the two largest banks account for about 75 percent of assets. There are no state-owned banks, and the central bank is independent. As of mid-2007, there were 166 domestic and foreign commercial banks, including 10 branches of international banks, offering a wide range of financial services. The national payment system is jointly owned by Danish banks. Intense financial-sector competition encourages technological advancements and an array of services. Financial supervision and regulation are based on EU legislation, and there is a single regulator. There are over 200 insurance companies and 30 multi-employer pension funds. The securities market is highly developed and efficient. The bond market is one of the world's largest. Property Rights95.0 Back to the top The judiciary is independent and generally fair and efficient. Commercial and bankruptcy laws are consistently applied, and secured interests in property are recognized and enforced. Denmark adheres to key international conventions and treaties on the protection of intellectual property rights. Freedom From Corruption 94.0 Denmark is perceived as one of the world's least corrupt countries and (along with two other countries) is ranked 1st out of 179 countries in Transparency International's Corruption Perceptions Index for 2007. Denmark has signed the OECD Anti-Bribery Convention. The fight against corruption is an integral part of Danish development assistance, and the Public Prosecutor for Serious Economic Crime has investigated the involvement of Danish firms in the U.N. Oil-for-Food scandal. Labor Freedom 99.4 Flexible labor regulations enhance employment opportunities and productivity growth. The non-salary cost of employing a worker is low, and dismissing a redundant employee is relatively inexpensive. heritage.org heritage.org