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29 Oct 2014

Belarus 57th in Doing Business 2015 report

Belarus 57th in Doing Business 2015 report

MINSK, 29 October (BelTA) – Belarus ranks 57th among 189 countries in the Doing Business 2015 report compiled by the World Bank Group. The report is available at the Doing Business initiative website, BelTA has learned.

The experts hailed the country’s efforts to simplify taxation procedures for companies. Belarus has made paying taxes easier for companies by introducing an electronic system for filing and paying contributions for the obligatory insurance for work accidents. The country also simplified the filing requirements for corporate income tax and value added tax (VAT).

The reform in paying taxes helped Belarus improve its position from 107th to 60th, specialist for private sector development of the World Bank Group Valentina Saltane said. She also named the country’s other good indicators: “Belarus holds 3rd place in property registration and 7th in enforcing contracts.”

According to the report, Belarus enhanced the quality of regulating the activity of small and medium-sized enterprises in such areas as dealing with construction permits and trading across borders.

“Following a traditional review Belarus went up from 63rd to 57th position in the Doing Business 2014 report,” Valentina Saltane noted.

The Doing Business 2015 rating is topped by Singapore. The world’s top ten also include New Zealand, Hong Kong (China), Denmark, Republic of Korea, Norway, the United States, the UK, Finland, and Australia. Russia is 62nd in the list, while Kazakhstan goes 77th.

The Doing Business report is a study elaborated by the World Bank Group on an annual basis since 2003. The report measures the quality of regulations in doing small and medium-sized business.

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