Sunday 18 November, 2018

T&T slips in World Bank’s ‘Ease of Doing Business’ rankings

According to the World Bank’s Ease of Doing Business Report 2018, T&T dropped in its global rankings from 96 to 102 out of 190 countries.

Economies are ranked on their ease of doing business, from 1–190.

A high ease of doing business ranking means the regulatory environment is more conducive to the starting and operation of a local firm.

Doing Business measures regulations affecting 11 areas of the life of a business. Ten of these areas are included in this year’s ranking: starting a business, dealing with construction permits, getting electricity, registering property, getting credit, protecting minority investors, paying taxes, trading across borders, enforcing contracts and resolving insolvency.

According to the Ease of Business Ranking 2018 which was released on Tuesday, T&T made paying taxes costlier by increasing the rates for the environmental tax and social security contributions paid by employers.

Business groups in T&T have recently called on the government to put measures in place to enable the ease of doing business in this country.

Ahead of the 2018 budget, the American Chamber of Commerce of Trinidad and Tobago made recommendations relating to the ease of business in T&T.

As for Latin America and the Caribbean, Jamaica ranked 70.

The country is now third in the region for reforms implemented over the past 15 years, with 25 reforms implemented following Mexico and Columbia.

According to the Work Bank’s Ease of Doing Business Report, the region’s top-ranked economies are Mexico (in 49th place), Peru (58) and Columbia (59).

The World Bank said economies in Latin America and the Caribbean continue to reform their business climate for small and medium enterprises.

It said half of the region’s 32 economies implemented reforms in the past year, bringing to a total of 398 the number of reforms enacted in the past 15 years.

New Zealand retained the top spot while India jumped 30 places to the 100th.

The country figured among the top 10 countries that have marked an improvement this year, moving up on eight out of 10 Doing Business indicators.

The World Bank said the improvement in ranking for India has come on the back of sustained business reforms over the last four years.