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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Sri Lanka slips in 'Doing Business Index

Sri Lanka slips in 'Doing Business Index

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1Sri Lanka slips in 'Doing Business Index Empty Sri Lanka slips in 'Doing Business Index Tue Oct 29, 2013 9:37 pm

UAEBOY

UAEBOY
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
Sri Lanka has fallen four places in the World Bank's latest list of best places to run a business. In the latest World Bank's Doing Business Index, Sri Lanka has been ranked 84, down from 81st place it enjoyed in the 2013 Doing Business Index.

However, Sri Lanka leads among all the South Asian Nations, becoming the easiest place do business in the region.


http://www.dailymirror.lk/news/37820-sri-lanka-slips-in-doing-business-index.html

UAEBOY

UAEBOY
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
Sri Lanka makes more reforms but slips in Doing Business ranking

Sri Lanka made the most changes in South Asia making it easier to do business, but the country slipped to 85 from 81 in a global ranking compiled by the World Bank group as several other nations raced ahead.

The World Bank group's 'Doing Business 2014' report said Sri Lanka was the regional leader in implementing regulatory reforms.
Over the past year Sri Lanka had made it easier to get a construction permit by eliminating the requirement to get a tax clearance and by reducing building permit fees.

Getting electricity was made easier and processing time was cut as state-run Ceylon Electricity Board used information technology.

Electronic payments for port services had made trading across borders easier.

Paying taxes was made easier with electronic filing of retirement fund payments. India already has an online system for paying taxes.

South Asian countries made 11 reforms to make business easier over the past year.

"We are encouraged by the rapid pace of reform in South Asia, which is advancing the region toward global good practices," Augusto Lopez-Claros, director of Global Indicators and Analysis, World Bank Group said.

"Doing Business is about smart business regulations, not necessarily fewer regulations."

The rankings do not take into account other factors that make doing business - or making a better environment for any person to simply live - such as having rule of law, justice, free trade, low inflation and low budget deficits.

But analysts say the 'Doing Business' report has made rulers in many countries reduce controls, and made control-happy bureaucrats think twice before imposing yet another restriction on hapless citizens, thereby generally helping expand the liberties of the ordinary citizen.
Sri Lanka had also set up a committee to improve the ranking along with several other countries and has made steady gains over several years.

Hong Kong and Singapore were the easiest place to do business.

Large gaps exist between the freest places to do business and other countries, despite making gains over the years leaving more room for improvement.

Though Sri Lanka made it easier to get construction permits over the past year it still took 186 days and 17 procedures with a world ranking of 108. In Hong Kong, it was 71 days and 6 procedures with a world ranking of 01.

The new procedures had cut the time it took to get an electricity connection in Sri Lanka by 22 days with only 4 procedures. But it still took 110 days and 10 times the per capita income in fees. In Hong Kong it took only 38 days and 1.5 percent of per capita income in fees.

Last year the Columbian utility Codensa has opened a 'one stop shop' cutting the time for a power connection to just 60 days, according to the report.

Countries that overtook Sri Lanka over the past year include Moldova, which moved up to 78 from 83 and Guatamala which moved up to 79 from 93.

http://www.lankabusinessonline.com/news/sri-lanka-makes-more-reforms-but-slips-in-doing-business-ranking/1996596961

Monster

Monster
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
Don't discourage yourself. We are still leading in the South Asian region and we are much ahead compare to India.

http://www.doingbusiness.org/rankings

K.Haputantri

K.Haputantri
Co-Admin
Sri Lanka makes more reforms, but slips in Doing Business ranking
October 29, 2013, 7:20 pmThe Island

Sri Lanka made the most changes in South Asia making it easier to do business, but the country slipped to 85 from 81 in a global ranking compiled by the World Bank group as several other nations raced ahead.

The World Bank group’s ‘Doing Business 2014’ report said Sri Lanka was the regional leader in implementing regulatory reforms.

Over the past year Sri Lanka had made it easier to get a construction permit by eliminating the requirement to get a tax clearance and by reducing building permit fees.

Getting electricity was made easier and processing time was cut as state-run Ceylon Electricity Board used information technology.

Electronic payments for port services had made trading across borders easier.

Paying taxes was made easier with electronic filing of retirement fund payments. India already has an online system for paying taxes.

South Asian countries made 11 reforms to make business easier over the past year.

"We are encouraged by the rapid pace of reform in South Asia, which is advancing the region toward global good practices," Augusto Lopez-Claros, director of Global Indicators and Analysis, World Bank Group said.

"Doing Business is about smart business regulations, not necessarily fewer regulations."

The rankings do not take into account other factors that make doing business - or making a better environment for any person to simply live - such as having rule of law, justice, free trade, low inflation and low budget deficits.

But analysts say the ‘Doing Business’ report has made rulers in many countries reduce controls, and made control-happy bureaucrats think twice before imposing yet another restriction on hapless citizens, thereby generally helping expand the liberties of the ordinary citizen.

Sri Lanka had also set up a committee to improve the ranking along with several other countries and has made steady gains over several years.

Hong Kong and Singapore were the easiest place to do business.

Large gaps exist between the freest places to do business and other countries, despite making gains over the years leaving more room for improvement.

Though Sri Lanka made it easier to get construction permits over the past year it still took 186 days and 17 procedures with a world ranking of 108. In Hong Kong, it was 71 days and 6 procedures with a world ranking of 01.

The new procedures had cut the time it took to get an electricity connection in Sri Lanka by 22 days with only 4 procedures. But it still took 110 days and 10 times the per capita income in fees. In Hong Kong it took only 38 days and 1.5 percent of per capita income in fees.

Last year the Columbian utility Codensa has opened a ‘one stop shop’ cutting the time for a power connection to just 60 days, according to the report.

Countries that overtook Sri Lanka over the past year include Moldova, which moved up to 78 from 83 and Guatamala which moved up to 79 from 93.

(LBO)

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