Kingston, Jamaica – The World Bank has named Jamaica one of the most improved economies in which to do business globally in the newly released Doing Business Report 2016 (DBR 2016).
The Report, which looks at countries' performance in 11 areas of business regulation, has also ranked Jamaica 64 out of 189 countries in the DBR 2016, which is the highest rank achieved by any Caribbean country.
In addition to the positive movement in the ranking, Jamaica also improved in the World Bank Distance to Frontier rating, which adjudges countries against 'best in class' countries, moving from 64.68 last year to 67.27 in the DBR 2016.
In the Latin American region, Jamaica was recognized for implementing the most reforms for the second year in a row placing the island sixth in the region behind Mexico (42), Peru (45), Columbia (52), Puerto Rico (56) and Costa Rica (58). A change in the calculation methodology revised Jamaica's position last year from 58 to 71, thereby giving the country a 7-point jump in the annual rankings.
The recognition of Jamaica as one of the top ten most improved economies worldwide is a positive result of the Government of Jamaica's work to improve the business climate through reforms. During the last year, the Government of Jamaica effected four reforms:
The enactment of the Insolvency Act, which changes how entrepreneurs can reorganize and restructure their business and
The operationalization of the Insolvency Act with the establishment of the Office of the Supervisor or Insolvency
Making tax compliance easier for businesses by allowing for mandatory e-filing of taxes
Introduction of the Employee Tax Credit and increased depreciation rate for industrial buildings for 2014 filings.
Introduction of the Employee Tax Credit and increased depreciation rate for industrial buildings for 2014 filings.
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