According to the new methodology, Romania was ranked 50 last year.
The Romanian business environment is less inviting than that in Estonia (17), Latvia (23), Lithuania (24), Macedonia (30), Poland (32), Montenegro (36), Bulgaria (38), the Czech Republic (44), Rwanda (46), according to the report published Wednesday.
However, Romania outranks countries like Slovenia (51), Hungary (54), Turkey (55), Italy (56), Greece (61) and Russia (62) in the World Bank’s classification.
Romania ranks first among European countries as regards the improvement of tax payment system, as the government has developed an electronic system for filing and paying corporate income tax, value added tax and all 6 mandatory labor contributions measured by the report. Thus, by January 2013 the majority of firms were making their tax payments online, according to the report.
At the same time, the number of payments for companies was reduced to 14 per year (159 hours), while total tax rate is 43.2% of the profit.
Thus, Romania ranks 52nd as regards paying taxes, outranking Poland (87), Hungary (88), Bulgaria (89) and Slovenia (100).
Among EU countries, Romania has the best position as regards access to credit and also registers good results at starting a business and resolving insolvency.
As for resolving insolvency, Romania, Bulgaria, Macedonia and Montenegro scored substantially higher among European countries in the analyzed period, on the backdrop of reforming insolvency laws.
However, Romania ranks 171st out of 189 countries as regards the access to electricity, as it takes 7 procedures and 223 days for the issue.
Romania ranks last but one in EU by import costs (estimated by the World Bank at $1,4955 per container), while Slovakia ranks last with $1,500 per container.
Romania is also among the last countries in Europe by dealing with construction permits (14 procedures and 255 days).
Singapore remained number one in the World Bank’s Doing Business top, followed by New Zealand, Hong Kong, Denmark, South Korea, Norway, the United States, the UK, Finland and Australia.
Doing Business report focuses on how easy or difficult it is for local entrepreneurs to set up and run a business. It measures and tracks changes in regulations affecting 11 areas in the development of a business: starting a business, dealing with construction permits, getting electricity, registering property, getting credit, protecting investors, paying taxes, trading across borders, enforcing contracts, resolving insolvency and employing workers.