Oct 29, 2014 (LBO) – Sri Lanka has slipped to 99 from 85 in a global ranking compiled by the World Bank group as several other nations raced ahead despite an improvement in the score between 2013 and 2014. The report further said Sri Lanka has made paying taxes more costly for companies by increasing the reduced corporate income tax rate for qualifying small and medium-size enterprises.
The ranking also identifies Sri Lanka, which is among the 50 economies that frequently use the Doing Business indicators as one input to inform programs for improving the business environment by forming reform committees.
Doing Business 2015, a World Bank Group flagship publication presents quantitative indicators on business regulations and the protection of property rights that can be compared across 189 economies”from Afghanistan to Zimbabwe”and over time.
Doing Business measures regulations affecting 11 areas of the life of a business.
Ten of these areas are included in this year’s ranking on the ease of doing business: starting a business, dealing with construction permits, getting electricity, registering property, getting credit, protecting minority investors, paying taxes, trading across borders, e