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Sri Lanka moves up in doing business ranking: World Bank, IFC[/b]
Oct 20, 2011 (LBO) - Sri Lanka has become an easier place to do business rising nine places to 89 over the past year in a global 'doing business' ranking published by the World Bank and International Finance Corporation.
"...Sri Lanka implemented the most reforms of any of the eight economies in South Asia, helping to create a better environment for entrepreneurs," World Bank and IFC said in a statement releasing the Doing Business 2012: Doing Business in a More Transparent World.
Sri Lanka had abolished a turnover tax, a 'social security', reduced rates on corporate income tax, a valued added tax and a 'nation building tax'.
Investor protection had been increased by the greater corporate disclosure on transactions between related parties.
To move up in the rankings a state has to constantly reform and make it easier for citizens to engage in economic activities ahead of other countries who are giving their citizens more freedoms to fulfil their aspirations and create value.
Sri Lanka's has adopted a conscious strategy to moving up in doing business rankings.
Elsewhere in South Asia, the Maldives remained the best place to do business at 79, slipping one place. Pakistan slipped to 105 from 96, Bangladesh slipped to 122 from 118 and Afghanistan slipped to 160 from 154.
Nepal rose to 107 from 110. India improved to 132 to 139, Bhutan moved up to 142 from 146.
The 2012 report covers regulations measured between June 2010 to May 2011 in 183 economies. The authors found that governments of 125 economies made 245 business regulatory reforms.
Singapore was the easiest place to do business followed by Hong Kong, New Zealand the United States and Denmark. Korea had entered the top 10.
Oct 20, 2011 (LBO) - Sri Lanka has become an easier place to do business rising nine places to 89 over the past year in a global 'doing business' ranking published by the World Bank and International Finance Corporation.
"...Sri Lanka implemented the most reforms of any of the eight economies in South Asia, helping to create a better environment for entrepreneurs," World Bank and IFC said in a statement releasing the Doing Business 2012: Doing Business in a More Transparent World.
Sri Lanka had abolished a turnover tax, a 'social security', reduced rates on corporate income tax, a valued added tax and a 'nation building tax'.
Investor protection had been increased by the greater corporate disclosure on transactions between related parties.
To move up in the rankings a state has to constantly reform and make it easier for citizens to engage in economic activities ahead of other countries who are giving their citizens more freedoms to fulfil their aspirations and create value.
Sri Lanka's has adopted a conscious strategy to moving up in doing business rankings.
Elsewhere in South Asia, the Maldives remained the best place to do business at 79, slipping one place. Pakistan slipped to 105 from 96, Bangladesh slipped to 122 from 118 and Afghanistan slipped to 160 from 154.
Nepal rose to 107 from 110. India improved to 132 to 139, Bhutan moved up to 142 from 146.
The 2012 report covers regulations measured between June 2010 to May 2011 in 183 economies. The authors found that governments of 125 economies made 245 business regulatory reforms.
Singapore was the easiest place to do business followed by Hong Kong, New Zealand the United States and Denmark. Korea had entered the top 10.
