By World Bank
Doing enterprise 2007 makes a speciality of reforms, identifies best reformers in enterprise legislation, and most sensible practices in easy methods to reform. This quantity is the fourth in a sequence of annual stories investigating worldwide rules that increase company task and those who constrain it. Co-sponsored via the area financial institution and the foreign Finance Corporation--the deepest area arm of the area financial institution Group--this year's file measures quantitative signs on company rules and their enforcement in comparison throughout a hundred seventy five countries--from Afghanistan to Zimbabwe--and over the years. Doing enterprise 2007 updates signs built within the 3 previous experiences. the 10 symptoms are: beginning a company, facing licenses, hiring and firing, registering estate, getting credits, conserving traders, buying and selling throughout borders, paying taxes, imposing contracts, and shutting a enterprise. the symptoms are used to examine financial and social results, equivalent to informality, corruption, unemployment, and poverty. This each year released document offers policymakers the power to degree regulatory functionality compared to different international locations, research from top practices globally, and prioritize reforms. This year's document covers 20 extra nations.
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Additional info for Doing Business 2007: How to Reform (Doing Business)
Notaries to use online procedures; as a result delays have dropped by more than 30%. Some countries cut costs. 2). In the Middle East and North Africa, Kuwait and the United Arab Emirates introduced new technologies in their registries and trained staff in managing workflow, cutting delays by 33% and 27%, respectively. Morocco halved its transfer fee. Four countries made registering property more difficult. Venezuela introduced additional clearances, adding procedures and delays. Togo now requires documentation to prove nationality, adding a month to an already grueling 7-month process.
Amendments fail. 10. 150+ meetings with accountants, regulators and lawyers to discuss reforms Source: Doing Business database. Not every country uses such opportunities well. Lack of enforcement powers was the main weakness that surfaced in Malaysia after the 1997 crisis. Yet 5 government agencies still regulate the capital market: the securities commission, central bank, companies commission, foreign investment committee and the Ministry of Trade and Industry. This setup creates confusion about who is supposed to do what.
The reforms replaced the production tax with a 5% sales tax, levied on final consumers. 2 Reducing tax rates—the most popular reform in 2005/06 Reduced profit tax rates Albania, Algeria, Antigua and Barbuda, Czech Republic, Egypt, Estonia, Ghana, Guinea-Bissau, Hungary, India, Israel, Lesotho, Mexico, Moldova, Montenegro, Pakistan, Paraguay, Rwanda, Senegal, Sierra Leone, Sudan, Switzerland, Turkey Reduced number of taxes Belarus, Egypt, Ghana, Lithuania, Russia, Yemen Revised tax code Albania, Egypt, Mexico, Morocco Introduced value added tax Bosnia and Herzegovina, India Introduced electronic filing Bulgaria, Latvia Source: Doing Business database.
Doing Business 2007: How to Reform (Doing Business) by World Bank