U.S.: Taiwan moves higher in World Bank business environment rating

U.S.: Taiwan moves higher in World Bank business environment rating

Taiwan ranked 33rd in the World Bank's latest annual evaluation of global economies on key aspects of business regulation for domestic firms, rising 13 places above its ranking in last year's report.

The improved ranking was due in large part to a change in the criteria used by the World Bank in producing the report.

In "Doing Business 2011, " the World Bank compared the business environment in 183 economies in nine different areas: starting a business, dealing with construction permits, registering property, getting credit, protecting investors, paying taxes, trading across borders, enforcing contracts and closing a business.

It did not include a 10th factor, "employing workers, " that was included in the previous year's ranking. Taiwan fared poorly in the category, placing 153rd, which dragged down its overall ranking to 46th.

In its latest report, the World Bank redid the rankings for last year after excluding the "employing workers" category, with Taiwan finishing 34th.

The "Doing Business 2011" report said Taiwan has carried out regulatory reforms in the past year that made it easier to start a business, leading to a five-notch rise to 24th in the category.

Taiwan was also cited along with Brazil, Egypt and the Philippines as the economies that had made the greatest progress in simplifying registration procedures for starting a new business in the past year, according to the report.

Improvement was evident in two other categories as well. Taiwan climbed to 87th from last year's 92nd in "paying taxes" and to 17th from last year's 33rd in "trading across borders."

Taiwan cut its corporate income tax from 25 percent to 17 percent earlier this year and simplified tax payment procedures and calculation formula, the report said, ranking it along with Canada, the Czech Republic and the Netherlands as the countries that made the greatest improvement in the "paying taxes" field.

Taiwan's rankings improved to 95th from 97th in "dealing with construction permits" and to 10th from 11th in the "closing a business" category.

While Taiwan remained at 90th in "enforcing contracts, " it fell two spots in the area of "registering property" and one spot each in the categories "getting credit" and "protecting investors."

Updated : 2021-04-11 09:01 GMT+08:00