BUSINESS

Romania fell seven places in World Bank top about doing business

A new International Finance Corporation (IFC) and World Bank (WB) report finds that for the ninth consecutive year, Eastern Europe and Central Asia led other regions in improving regulations for entrepreneurs, a press release informs. The study, “Doing Business 2012” released yesterday, ranks the economies in 10 areas of business regulation, such as starting a business, resolving insolvency, and trading across borders. The report’s methodology expanded this year to include indicators on getting electricity connections. On the list of the most improved economies on the ease of doing business, two countries from Europe and Central Asia are among the top three in the world: Moldova is number two – moving up 18 places from 99 to 81 – and the Former Yugoslav Republic of Macedonia is number three – moving up 12 places from 34 to 22.

According to the study, Romania fell seven places, from 65 to 72, in WB top. The country made paying taxes easier for companies by introducing an electronic payment system and a unified return for social security contributions. It also abolished the annual minimum tax. Romania amended its insolvency law to shorten the duration of insolvency proceedings. The country made starting a business more difficult by requiring a tax clearance certificate for a new company’s headquarters before company registration.

Ranked 16th, Georgia leads the region in the ease of doing business. Georgia continued its broad program of reform by simplifying business start-up, and expanding access to credit. Since 2005, it has introduced new company and customs codes, a revamped property registry, broad judicial reform, and a credit bureau. Armenia rose six places in the global ranking to 55 by implementing five regulatory and institutional reforms between June 2010 and May 2011, the most in the region. Cyprus climbed to the 40th spot by strengthening investor protections. The Russian Federation eased the process of registering property, reduced the number of documents needed for trade, and made getting electricity less costly by revising the connection tariffs.

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