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Friday 22.06.2018 | Name days: Ludmila, Laimdots, Laimiņš
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Latvia receives historically highest score in latest Doing Business rating

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RUIn the latest Doing Business 2017 study of the World Bank, Latvia is put on the 14th spot among 190 participating countries. This is historically the highest accomplishment for Latvia and an improvement over last year’s result. In terms of business-friendly environment, Latvia is on the 6th place among EU member states.

The World Bank especially mentioned multiple of Latvia’s realised reforms. In regards to the electricity connectivity index (from 65th to 42nd spot), the World Bank welcomed the system in which businessmen can pay for electricity connectivity with a delayed payment. In terms of the construction index (from 30th to 23rd spot), the World Bank mentioned reforms associated with improvements to construction monitoring activities. In the credit rating index (from 19th to 7th) – the coverage of private credit bureaus has grown from 30% to 63.2%. Progress was made thanks to the introduction of the Credit Bureau Law, which secures conditions for effective accessibility of credit information. In the tax payment index (from 27th to 15th spot), businessmen found improvements of the electronic declaration system introduced by the State Revenue System useful for accounting and declaring capital income and taxes associated with wages. In addition, improvements also helped reduce the time necessary to pay taxes from 193 hours to 168 hours a year, as BNN was informed by Economy Ministry.

According to Doing Business, Latvia has experienced improvements in most fields: business start-up (+5 spots), construction permit issue (+7 spots), establishment of electrical connection (+23 spots), credit registry (+12 spots), protection of rights of investors (+7 spots), tax payment (+12 spots) and execution of legal commitments (+2 spots).

Latvia’s position remains unchanged in regards to real estate registration. Latvia’s index has declined in the field of cross-border trading (-3 spots) and addressing matters of insolvency (-1 spot).

«I am happy that we have achieved the goal listed in the National Development Plan to reach 17th spot in Doing Business rating earlier than initially planned. Significant progress proves we have put up the right priorities and that we have to work even harder to continue improving our business environment. A high place in the rating means Latvia is a serious player and one of the strongest ones among EU member states. Latvia is even ahead of Germany, Austria and Czech Republic,» – said Economy Minister Arvils Aseradens.

«I can confirm that Economy Ministry will continue its work to improve the business environment and provide an attractive business environment for local and foreign investors,» – Aseradens added.

To make sure Latvia’s business environment is competitive on an international level, the ministry believes multiple other reforms are necessary. In the ministry’s opinion, state administration should apply a ‘consult first’ approach for establishment of quality communication and cooperation between supervisory institutions and businessmen, as well as create a clear and unambiguous information environment.

According to the minister, it is vital to finish work on the introduction of a simplified tax regime for small businesses but also continue work on the creation of a unified account for all tax payments, which could make things easier with tax and debt payments in the future. The main priority for insolvency matters is creating a system that would help identify topical problems in this field. But to ensure that, it is first necessary to reach an agreement on the indexes that would help better analyse the situation.

Ref: 102.109.109.5991


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