World Bank Drops Bahamas ‘Ease Of Doing Business’ Ranking
AS THE World Bank has dropped The Bahamas a spot in its ease of doing business rankings, Deputy Prime Minister K Peter Turnquest has called its assessment a “misunderstanding”.
#The Bahamas has dropped one notch in the ease of doing business rankings – from 118 to 119 out of 190 countries.
#The annual ranking is a benchmark examining starting a business, getting electricity, registering property, protecting minority investors and paying taxes.
#The Bahamas is said to have made progress in four of these areas, with “registering property” being the only one where the country has failed.
#The report said: “The Bahamas made property registration more costly by increasing the stamp duty on property transfers.”
#The report also pointed to The Bahamas having high compliance and the costs associated with preparing documents.
#Last year, Prime Minister Dr Hubert Minnis said he was going to make ease of doing business a top priority for the government and that the Ministry of Finance was spearheading an inter-agency working group to make business faster, cheaper and better.