World Bank Experts Increase Costa Rica's 'Doing Business' Credibility

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    The Costa Rica News (TCRN) – Costa Rica improved five points in the global ‘Doing Business’ ranking released by the World Bank, from position 78 in 2014 to 83 in 2015.

    Factors that lead to this: reducing the time required for obtaining electricity, making it easier to pay business taxes for by implementing an electronic filing system, and the values for taxable income has changed.

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    “For nearly a decade, many Latin American economies have improved their business environment, bringing them up to global best practice standards,” said Augusto Lopez-Claros, Director of the Global Indicators Group of the World Bank.

    The report reveals that Singapore tops the global ranking based on the ease of doing business. Joining them on the list of the top 10 economies with the most favorable regulatory environment for business are: New Zealand; Hong Kong SAR, China; Denmark; the Republic of Korea; Norway; the United States; the United Kingdom; Finland and Australia.

    Ronny Bolanos, a researcher for PROSIC, said the index seeks to do a comparative business analysis between countries, so an improvement in the index can send a good signal to investors internationally.

    He did stress that a major competitiveness problem facing the country is an excess of red tape and the time required to start a business. (Crhoy)

    The Costa Rica News (TCRN)

    San Jose, Costa Rica

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