Mon | Oct 23, 2017

World Bank says Jamaica making it easier to do business despite lower ranking

Published:Tuesday | October 25, 2016 | 5:00 PM
In the 2017 Doing Business report by the World Bank Group Jamaica is ranked 67th out of 190 countries compared with 65th in 2016.

The World Bank says despite a lower ranking this year, it is now easier to do business in Jamaica with the implementation of reforms.

In the 2017 Doing Business report by the World Bank Group Jamaica is ranked 67th out of 190 countries compared with 65th in 2016.

However, the World Bank says this does not suggest a slip in the real sense as some calculations were changed this year.

The report says Jamaica implemented substantive improvements in the local regulatory framework in 2015/16:

*Making it cheaper to pay taxes
*Increasing tax depreciation rates and the initial capital allowance for assets acquired on or after January 1, 2014.
*Companies incorporated for less than 24 months are exempted from paying the minimum business tax.
*Implementing of electronic system for filing of corporate income tax, value-added tax and social security contributions.

The Doing Business 2017 report reveals that Jamaica is among nine economies in the region that implemented more than one reform making it easier to do business.

The report reveals an increase in the number of reforms implemented by the economies in Latin America and The Caribbean with a total of 32 reforms in the past year.

This shows an increase of 33 point three percent when compared with the previous year.

According to the report over two-thirds of the region’s 32 economies are taking steps to improve the business climate for entrepreneurs.

The report states that economies in Latin America and the Caribbean performed best in the area of Getting Electricity and Getting Credit.

However, it says the region still struggles in areas of tax regulations.