In the Doing Business 2019 report, Romania ranked 52nd with a score of 72.3.
The report notes Romania made starting a business easier by allowing voluntary value added tax registration, which is less time consuming than mandatory registration. It also made paying taxes less costly by eliminating five employer-paid taxes and contributions. At the same time, Romania introduced a new work insurance contribution paid by the employer.
Economies in Europe and Central Asia accelerated an already strong momentum to improve their business climates, enacting 56 reforms and leading globally in reforms on paying taxes and enforcing contracts, the World Bank’s Doing Business 2020 study says.
Europe and Central Asia is home to two of the world’s top 20 best places to do business – Georgia (7) and North Macedonia (17). Tajikistan ranks among the top ten most improved economies globally in the 12-months to May 1. Azerbaijan, Kyrgyz Republic, Kosovo, and Uzbekistan were among the top 20 most improved economies worldwide.
The region implemented the most reforms world-wide in the areas of paying taxes (nine), as 22 economies in the region now allow electronic filing of taxes, and enforcing contracts (six), as Europe and Central Asian is the region with the most efficient commercial judicial system.
Europe and Central Asian economies also stand out on the ease of registering property: it costs 2.7% of property value on average to transfer a property, less than the 4.2% average among OECD high-income economies.
The region under-performed in the areas of dealing with construction permits and getting electricity. Obtaining required construction permits takes 170 days on average in the region, compared to 152 days in OECD high-income economies. Similarly, connecting a new warehouse to the grid in Europe and Central Asia takes on average almost 100 days, 25 more days than among OECD high-income economies.
While most economies of the region continue to implement reforms at a steady pace, a few economies still lag. Bulgaria has implemented a single reform to improve its business climate in the past five years, while Bosnia and Herzegovina and Montenegro have implemented three and four reforms respectively over that period.