Sri Lanka makes more reforms but slips in Doing Business ranking

Oct 29, 2013 (LBO) – 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 regula