BUSINESS

WB: Romania, on 48th place among 189 countries in Doing Business rankings

Romania holds this year the 48th place among 189 countries in the ‘Doing Business 2015’ rankings drawn up by the World Bank, with a total score of 70.22 points.
The report by the international financial institution analyzes as many as 189 economies based on 11 criteria such as starting a business, taking out a loan, access to the electricity supply and cross-border transactions. The report does not cover areas such as security, macroeconomic stability or corruption. The World Bank states that this year’s report uses new data and methodologies in three areas: insolvency settlement, protection of minority shareholders and obtaining credit.
Last year, Romania ranked 50th in this hierarchy, by 70.22 points, but the World Bank has modified the drawing up methodology of the report. Thus, according to representatives of the institution, a comparison between the current document and the previous one cannot be made.
According of the 12th edition of the report, ‘Doing Business 2015,’ drawn up by the World Bank and released in Washington, Romania recorded the most significant improvement in facilities for tax payment in the years 2013/2014.
The Government has developed an electronic system for filing and paying taxes, according to the indicators in the report ‘Doing Business.’ The system was launched in 2010 but in the past two years the online payment of taxes and contributions has become possible by using bank cards and has been gradually adopted by the business community. Until January 2013, most companies paid their taxes online.
As to starting up a business, Romania ranked 38th out of 189 countries, by 22 places higher than in 2013. According to the indicators in the report ‘Doing Business,’ in Romania it takes eight days and the finalization of five procedures to start up a business.
MFP: Doing Business Report acknowledges Government’s economic growth measures and improvement of
relationship with taxpayers
The World Bank’s Doing Business Report 2015 acknowledges the measures taken by the Government in order to support the business environment and to improve its relationship with taxpayers in order to enhance the degree of voluntary conformation, Public Finance Minister Ioana Petrescu stated on Wednesday through a press release.  According to the report, Romania is currently on 48th place in what concerns the ease of doing business, in a 189-country table. Likewise, the World Bank’s assessment shows that doing business is easier in Romania than in states like Slovenia (51st), Hungary (54th), Turkey (55th), Italy (56th) and Croatia (65th).
According to the MFP communiqué, among the progress made and outlined in the World Bank is also the fact that the number of payments per year has dropped from 39 to 14, and the time needed to open a business has dropped to 8 days, which allowed Romania to climb from 60th to 38th place in what concerns the conditions for opening a business.
According to the document, the Public Finance Ministry and the Government will continue the reform of the fiscal system in order to support economic growth, ease the payment of taxes and enhance decision-making transparency.

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