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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.

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