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Jamaica has slipped eight places in the annual international rankings on the ease of doing business.
In the rankings released yesterday Jamaica dropped from 67th to 75th.
This development means that Jamaica is now behind some other Caribbean countries in terms of the ease of doing business.
The annual survey ranks 183 countries on their ease of doing business with first place being the best.
A high ranking on the ease of doing business index means the regulatory environment is conducive to the operation of business.
The Doing Business report considers 10 indicators in ranking the countries for the period June 2008 to May 2009.
Getting credit, paying taxes and starting a business are among the indicators.
Singapore remains atop the chart followed by New Zealand, second, Hong Kong, China, third, the United States, fourth and the United Kingdom fifth.
In the Caribbean, 12 countries were captured and five of them have better rankings than Jamaica.
Puerto Rico is ranked 35th, St Lucia 36th, Antigua 50th, The Bahamas 68th and St Vincent and The Grenadines 70th.
The Report for 2009 indicates that Jamaica was ranked 75th or eight places worse than last year because it did not do enough to make doing business easier.
In fact the report only cites that for the period under review Jamaica reduced transfer tax from 6 and a half per cent of the value of the property to 5 per cent.
A break down of the 10 indicators of the Ease of Doing business reveal that Jamaica’s greatest problem lies in paying taxes.
Out of the 183 countries assessed, Jamaica is ranked 174th in terms of paying taxes.
The country’s next poorest ranking of 128th relates to enforcing contracts followed by 122nd for registering property.
Jamaica’s best rating of 19th was for starting a business followed by 23rd for closing a business.
In the meantime, the Industry, Investment and Commerce minister Karl Samuda has conceded that it’s difficult to do business in Jamaica.
However, Mr. Samuda says the country has made significant strides in easing the problem.
However, the Industry, Investment and Commerce Minister says there remain critical areas, which need to be addressed.
He says a team from the Doing Business assessment agency is now in the island at his invitation.
Mr Samuda says he expects to meet with the team to have discussions on methods that the government can implement to make doing business easier in Jamaica.
http://go-jamaica.com/news/read_article.php?id=12393
In the rankings released yesterday Jamaica dropped from 67th to 75th.
This development means that Jamaica is now behind some other Caribbean countries in terms of the ease of doing business.
The annual survey ranks 183 countries on their ease of doing business with first place being the best.
A high ranking on the ease of doing business index means the regulatory environment is conducive to the operation of business.
The Doing Business report considers 10 indicators in ranking the countries for the period June 2008 to May 2009.
Getting credit, paying taxes and starting a business are among the indicators.
Singapore remains atop the chart followed by New Zealand, second, Hong Kong, China, third, the United States, fourth and the United Kingdom fifth.
In the Caribbean, 12 countries were captured and five of them have better rankings than Jamaica.
Puerto Rico is ranked 35th, St Lucia 36th, Antigua 50th, The Bahamas 68th and St Vincent and The Grenadines 70th.
The Report for 2009 indicates that Jamaica was ranked 75th or eight places worse than last year because it did not do enough to make doing business easier.
In fact the report only cites that for the period under review Jamaica reduced transfer tax from 6 and a half per cent of the value of the property to 5 per cent.
A break down of the 10 indicators of the Ease of Doing business reveal that Jamaica’s greatest problem lies in paying taxes.
Out of the 183 countries assessed, Jamaica is ranked 174th in terms of paying taxes.
The country’s next poorest ranking of 128th relates to enforcing contracts followed by 122nd for registering property.
Jamaica’s best rating of 19th was for starting a business followed by 23rd for closing a business.
In the meantime, the Industry, Investment and Commerce minister Karl Samuda has conceded that it’s difficult to do business in Jamaica.
However, Mr. Samuda says the country has made significant strides in easing the problem.
However, the Industry, Investment and Commerce Minister says there remain critical areas, which need to be addressed.
He says a team from the Doing Business assessment agency is now in the island at his invitation.
Mr Samuda says he expects to meet with the team to have discussions on methods that the government can implement to make doing business easier in Jamaica.
http://go-jamaica.com/news/read_article.php?id=12393
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