Published: Fri, November 02, 2018
Money | By Hannah Jacobs

World Bank Rates Nigeria High On Ease Of Doing Business

World Bank Rates Nigeria High On Ease Of Doing Business

New Zealand tops the list of 190 countries in ease of doing business, followed by Singapore, Denmark, and Hong Kong. Neighbouring Pakistan is placed at 136.

It also performs well in the area of registering property, with a global rank of 39, and at just five days, it is four times faster to register a property transfer in Turkey than in the region, according to the report.

The high grade came despite recording a drop in ranking in six out of 10 parameters assessed by the bank. "It's a collaborative effort and a combination of several interventions that has resulted in improvement into this "Ease of doing Business" index".

In last year's report, the Narendra Modi government had got a pat for reform policies relating to taxation, investor protection and bankruptcy resolution. The rankings of countries in the report indicate competitiveness as well as highlights the areas where reforms are immediately needed to improve business climate in the country.

Second, the Government has made it easier to pay taxes, by allowing financial losses to be fully carried forward during any of the following five years of assessment; and third, the Government has made it easier to trade across borders, by implementing a paperless customs clearance processing system.

"The UAE has become a global hub for innovation, entrepreneurship and investment thanks to significant efforts made by the Federal Government and other local departments to create a world class business-friendly environment, enabling the country to vie with the best", said Sheikh Mohammed bin Rashid, Vice President and Prime Minister, according to state news agency Wam. At the bottom of the list are South Sudan, Libya, Venezuela, Eritrea and Somalia, all considered countries where it is most hard to do business.

During the first half of 2018, they said, China introduced reform measures to streamline its construction permitting process by implementing unified platforms for all building review processes in Beijing and Shanghai.

This year, Georgia and Norway jumped the the rankings, in part because of the time and paperwork required to launch a business. It takes 69 days and costs about 8 per cent of the property value to register a property, compared to 20 days and 4.2 per cent among high income OECD economies.

Perhaps unsurprisingly, Malta fared best in the area of "Dealing with construction permits", where the country was ranked in a global 45 position.

Also, "India made paying taxes easier by replacing many indirect taxes with a single indirect tax, the GST, for the entire country". The latest reform initiatives included electronic submission of documents and upgrading of port infrastructure.

The Getting Credit score slid to 5 from 30 previous year, even as it said that credit for micro, small and medium enterprises grew 19% - which is the fastest in the region, according to the Finance department.

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