Business Update: Doing Business Report 2014 – Jamaica’s Ranking Continues To Decline

World Bank
World Bank

The annual Doing Business Report published by the World Bank is now available. The report ranks 189 countries on their ease of doing business around a range of ten indicators. The 2014 report reveals that Jamaica has fallen from the 90th position it held in the 2013 report to now being ranked 94th.

Despite the slide, Jamaica led the Caribbean region in the reforms area and made notable improvements to its business regulatory environment over the last year. Within the last year, Jamaica has made starting a business easier as the Companies Office of Jamaica is now able to stamp a new company’s articles of incorporation at registration. Not only was the corporate income tax rate reduced but paying taxes has became less costly for companies.

On the flip side, not only were vehicle and asset taxes increased but the increase of stamp duty and transfer tax made tansferring property more difficult.

See the full report here.

In case you missed it see what President of the Private Sector Organization of Jamaica (PSOJ) Christopher Zacca had to say about the fall in rankings here.